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Draft ICAG Bill - For Review by Members

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THE CHARTERED ACCOUNTANTS BILL, 2009

Memorandum

The purpose of the Bill is to recast the Institute of Chartered Accountants Act,1963 (Act 170) to make it reflect the changes that have taken place in the accountancyprofession and international accountancy practice since that Act was enacted someforty-six years ago.Within this period a lot has happened in the area of accountancy practice whichrequire changes to the Act.

To effect these changes by amendments, would require asmany as sixteen substantive amendments of the Act. This will change the character ofthe Act and make the use of the Act difficult because the contents of the Act will be intwo separate documents with reference being made from one document to the other.To avoid this situation, the Act has to be recast to make it more reader friendlyand to conform to contemporary accountancy practice. It is for this reason that this Billhas been proposed for enactment.

The Bill is divided into five subject headings namely “Establishment andManagement of the Institute”; “Public practice of accountancy and register ofaccountants”; “Financial provisions”, “Miscellaneous provisions” and “Repeals,transitional provisions and commencement”.Under the heading of “Establishment and Management of the Institute, clause 1provides for the establishment of the Institute as a body corporate with all the powersand rights of a body corporate including perpetual succession and a common seal, theright to sue and be sued in the corporate name and the right to hold movable andimmovable property and to enter into contract or other transaction. Clause 2 providesfor the custody and use of the common seal of the Institute.

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