Seeking to check fraudulent practices in the filing of accounts, the Institute of Chartered Accountants of India (ICAI) has decided to introduce Unique Code Numbers (UCD) from next month.
The venture, being launched with the support of software giant Infosys, will help Chartered Accountants to find out various frauds including forged attestations in the field, a top ICAI official said.
"Once introduced, ICAI will ask Banks to insist on UCD, as people file different balance sheets for various purposes without the knowledge or approval of Chartered Accountants," ICAI President Amarjit Chopra said.
He said ICAI, as part of 'Project Parivarthan', has initiated several operational process to meet global benchmarks. One of these was virtual classrooms for coaching students, which would commence in February in 25 centres and be extended to 250 centres in the next six months, Chopra said.
The Institute has also chalked out plans to meet the deadline of convergence of the Indian Accounting Standards with the International Financial Reporting Standards (IFRS), effective from April 2011, in select entities as per the Government road map, he said.
To synergise the training process, ICAI has launched various programmes with a view to familiarise the professions with IFRS and equip them with essential knowledge of the same, the official said.