ICAN seeks new model

KATHMANDU: The Institute of Chartered Accountants of Nepal (ICAN) has said that ‘one person, one profession’ is the best model for the auditing profession.

Speaking at the third Kathmandu district convention of Auditors’ Association of Nepal (AUDAN), president of ICAN Madhu Bir Pande opined that the government should form a separate mechanism if it wants to amend the provision of ‘one person, one profession’.

The regulation will come into effect from mid-July, he said, adding that auditors will be responsible for following the regulation once it comes into effect.

The concept of ‘one person, one profession’ has already been implemented globally by chartered accountants, said Pande. One profession is an international practice in the auditing profession, he informed.

Director general at Inland Revenue Department Tanka Mani Sharma asked auditors to adhere to professional standards. A new opportunity has been created in the profession due to increased economic activities, he said.

Currently, there are 625 chartered accountants and around 7,000 registered auditors in the country, according to ICAN.

Meanwhile, Auditors’ Association of Nepal has elected a new executive committee in Kathmandu district. Bahadur Singh Bista has been elected as president in 15-member committee.