disciplinary action

ICAI wants power to take action against erring audit firms

"As per the Act, the institute can take disciplinary action against our members but not against other firms. It is becoming extremely important to curb ill practises. So, for the first time, the ICAI has decided to recommend the Union government that
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Employees can’t be sacked without giving reasonable opportunity of being heard

The Supreme Court has held principles of natural justice is a Constitutional requirement that has to be observed by government while taking disciplinary action against him or her. The apex court said the inquiry officer must act as a quasi-judicial authority and not as a representative of government while inquiry into the charges of misconduct against them.
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Findings of ICAI in Satyam scam case given by Minister of Corporate Affairs in the Rajya Sabha

Price Waterhouse Coopers is not a firm of Chartered Accountants registered with the Institute of Chartered Accountants of India (ICAI). The ICAI has, however, initiated disciplinary action against M/s. Price Waterhouse, Bangalore, M/s. Price Waterhouse with head office at Kolkata and M/s. Price Waterhouse with head office at New Delhi, which are firms of chartered accountants registered with the ICAI.
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Compliance to be insured by ICAI election candidates , their authorised representatives and by members of ICAI

Compliance to be ensured by candidates, their authorised representatives/supporters/volunteers, in particular, and members of the institute, in general, within as well as outside the zero tolerance zone in relation to polling booths set up.
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ICSI forms panel to look into corporate governance issues

In response to the ministry of corporate affairs letter to the Institute of Company Secretaries of India (ICSI) to investigate issues related to corporate governance aspect in the Satyam accounting fraud, the ICSI council has constituted a core group to look into the matter. In order to prevent Satyam like issues in future, the institute [...]
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ICSI seeks report from Satyam’s company secretary

The Institute of Company Secretaries of India has sent a letter to the company secretary of Satyam Computer Services, seeking a report on corporate governance, sources said. The Corporate Affairs Minister, Mr Prem Chand Gupta, had earlier asked both the Institute of Chartered Accountants (ICAI) and ICSI to look into the role of auditors and [...]
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