The Institute of Chartered Accountants ICAI of India has formed a committee to guide and support the cooperative sector in streamlining their audit procedures and raise governance levels, President G Ramasamy said on Sunday.
The ICAI has suggested replicating the successful laws in the sector in Maharashtra and Gujarat, so that the cooperative sector can bring out financial statements in a uniform manner in compliance with appropriate accounting standards, Ramasamy told reporters in coimbtore.
As there were no such laws to govern other states, it was high time the Centre acted to bring the sector under the uniform financial statement concept, he said.
As part of international initiatives, ICAI would like to have strategic collaborations with more international accounting bodies to enable it provide members a global outlook, he said.