New Delhi, Sept. 22 -- The Institute of Chartered Accountants of India (ICAI) is preparing proposed changes to the Chartered Accountants Act that could give Indian accounting and consulting firms greater flexibility to expand their operations and build larger professional services organisations, people familiar with the development said.

The first draft of the proposals is expected to be ready within two months and will be considered by the ICAI Central Council before being submitted to the Ministry of Corporate Affairs. Any changes requiring an amendment to the Act would need Parliament's approval.

"We can say ICAI proposal will be ready in the next two months," an ICAI official told The Economic Times.

Greater Flexibility For Consult...