Saturday, January 15, 2011

ICAI TO FRAME ACCOUNTING FORMAT FOR POLITICAL PARTIES

The Election Commission of India has approached the Institute of Chartered Accountants of India (ICAI) to frame accounting formats exclusively meant for political parties. These, once made mandatory, are expected to bring in more financial accountability from political parties. ICAI recommend rotation of auditors for political parties as the proposed Companies Bill is making
it mandatory for all companies.

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