Case Law Details
V. Venkata Siva Kumar Vs Union of India (Madras High Court)
The grievance of the writ petitioner is that there are certain financial irregularities being committed by the Chartered Accountant Institute and the petitioner raised several objections regarding the financial irregularities committed. Since no action has been taken against the persons responsible for such financial irregularities, the petitioner is constrained to move the present writ petition for appointing an Independent Agency for conducting Special Audit.
The learned Additional Solicitor General of India appearing on behalf of the Chartered Accountant Institute brought to the notice of this Court that Chartered Accountants Act, 1949 itself contemplates for a Special Audit in the event of raising an objection and therefore, the petitioner has to approach the Competent Forum under the Act for the purpose of redressal of his grievances.
CAG has no role to play in respect of Audit or Special Audit of ICAI as it is an Autonomous Institute
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