Chartered Accountants Oppose The New Regulatory Authority

For many years, chartered accountants of India have been consistent in opposing the regulator that was proposed in the Companies Act, 2013 because they think that the regulator will encroach on its turf. However, the more serious fear is the new regulatory authority, National Financial Reporting Authority (NFRA) that will have dictatorial investigative and punitive powers.

Recently, it has become all too obvious that the new regulator will become a reality. According to Prime Minister Narendra Modi, the regulator will crack down on erring chartered accountants. This was the veiled warning issued when he spoke before the Institute of Chartered Accountants (ICA) on their foundation day last July 1.

The association was subjected to criticism when PM Modi said that only 25 rogue auditors have faced action in the last 10 years and about 1,400 cases are still pending. The methods of disciplinary action harnessed by the chartered accountants are under question. The new regulator which is expected to be constituted soon will address the concerns of PM Modi.

Among the powers of the regulator will be the enforcement of compliance of accounting standards and punishment for violations. With the presence of the new regulator, the role of ICA will be reduced to conducting examinations for chartered accountants. The new regulator will also have the power to make recommendations to the government on accounting and auditing policies and standards.

NFRA will also have the power to investigate into matters of professional or other misconduct that has been committed by a member of a firm of chartered accountants registered under the Chartered Accountants Act, 1949. The regulator can order the production of books of accounts and other documents or summon and enforce the attendance of persons so that they can be examined under oath. It can also debar any member of the firm from engaging in practice as a chartered accountant.

The chartered accountant insurance ensures that an accountant is covered where it matters. With an appropriate structure in place prior to transactions, the risks related to any transactions are minimized. All the risks are identified so that there is adequate protection provided.


Health Insurance For Expats In Bangkok: Warning For Expatriates In Thailand

The UK newspaper, The Telegraph emphasizes that expatriates living in Thailand and those who want to live in the region must study and review thoroughly the medical provision available in this country. They must be careful in choosing health insurance for expats in Bangkok to prevent a dilemma when the unexpected happens.

The newspaper cautions the expats that there is poor quality of medical services in Thailand due to recent political unrest and uncertainty of economic conditions. It’s included in a comprehensive guide to healthcare services in Thailand. It may risk certain conditions once hospitalized.

The Telegraph reveals that although expats all over Thailand may have seen significant changes in the health insurance for expats in Bangkok in the last two decades, the healthcare offered is not at par with those in the west. The Foreign and Commonwealth Office of the UK shares this opinion: It cautions:Regular hospitals and clinics in Thailand do not have the same standards as those in the UK. It applies to the mainland districts and coastal islands outside Bangkok, where they are not equipped to handle a major trauma. Hospitals here require a guarantee of payment before they can undergo treatment.”

The recommendation given to expatriates in Thailand is to invest in adequate health insurance for expats in Bangkok, fully research and understand their policy. There are a number of healthcare insurance companies in Thailand, and you have to do comparison in order to get the most comprehensive yet inexpensive deals. It is very important that the insurance policy all covers for your needs. The expats are also advised to bring money in case they need to visit hospitals or clinics in times of emergency.

“Always bring your health insurance for expats in Bangkok or any form of payment.”

“In cases of hospital admission, you need to pay upfront for whatever treatment. It looks like money is really valuable before getting the medical services,” says the company.

In European countries, the concern for healthcare services are shouldered by mandatory medical insurance, and for this reason, hospitals feel confident they get paid because of healthcare insurance.”