Page 46 - Quick Insights Book 2022

The Companies Act, 2013 9

The dynamic role of Chartered Accountants is not restricted
only to Auditing, Accounting, Corporate Governance, Taxation,
Corporate Laws etc., but the horizons have broadened even
to being an Independent Director, Key Managerial Personnel,
Insolvency Professional, Valuation Professional, etc. Many
professional avenues have been opened up for the Chartered
Accountants along with manifold challenges therein.

OPPORTUNITIES AVAILABLE FOR CHARTERED
ACCOUNTANTS

Chartered Accountants as Independent Directors
The idea of having Independent Directors on the Board is to
bring objectivity to Board decisions, protect common interests
of the company and its stakeholders, observe high ethical
standards, foster improvement in corporate governance
standards. Independent directors have to play a crucial role
in framing the CSR policy and its implementation in the Board
and Company with extended emphasis on global warming and
climate change. The Chartered Accountants have a crucial role
to play in corporate governance in general and as independent
directors in particular.

Women Directors on the Board
Women Chartered Accountants are well-equipped and
empowered to become Directors on the Boards of company.

Chartered Accountant as Key Managerial Personnel
The Act has for the first time defined Key Managerial Personnel
and it includes Chief Financial Officer. As we all know Chief
Financial Officers are mostly Chartered Accountants.

The legislative requirements for statutory disclosures by
The Companies professional accountants relating to the financial affairs of a
corporate are spread across a large number of statues and
Act, 2013 the purpose of such statements have to be viewed from the
intention and requirement of such law and it is therefore a very
important task to consolidate such statements/reports/opinion by
accountants in one place.

Professional Assistance to Company Liquidator
As per Section 291 of the Companies Act, 2013, the Company
Liquidator may, with the sanction of the Tribunal, appoint one
or more Chartered Accountant on such terms and conditions,
as may be necessary, to assist him in the performance of his
duties and functions under this Act.

Right to Legal Representation

As per Section 432, a party to any proceeding or appeal before
the Tribunal or the Appellate Tribunal, as the case may be, may

Quick Insights on Professional Opportunities for Chartered Accountants 33