On May 26, 2020, the Central government released a notification to do changes in the Chartered Accountants process of conducting meetings of the quality review board.
The Central Government has authority under clauses (f) and (g) of sub-section (2) of section 29A, and with Section 28C, Sub-section (1) of section 28D of the Chartered Accountants Act, 1949 published the rules entitled the Chartered Accountants Procedure of Meetings of Quality Review Board, and Terms and Conditions of Service and allowances of the Chairperson and members of the Board (Amendment) Rules, 2020.
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According to the notification concerning the Chartered Accountants Procedure of Meetings of Quality Review Board, and Terms, and Conditions of Service and allowances of the Chairperson as well as members of the Board Rules, 2006, in sub-rule 8, for sub-rule (1), the “the tenure of the Chairperson and the Members of the Board shall be three years” will be substituted.
The Notification further stated that “The Central Government hereby makes further amendments in the notification of the Government of India in the Ministry of Corporate Affairs, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 38 (E), dated the 19th January 2011,”.