Recently Land Deal of Institute of Chartered Accountants of India (ICAI) at Nagpur Come Under Scanner for alleged Irregularities in Purchase of the same. Madras High Court observed that The Judge observed that the records indicated that all was not well with the statutory body. The judge further said transactions involving several crores were not discussed in the council and Government nominees in the council were not consulted before land deal which was cancelled later account of the protest by council members. In View of the same Madras HC has issued notices to CBI, Central Vigilance Commission on charges of irregularities in Institute of Chartered Accountants of India.
Now the Question is should the account of the Apex Accounting Body which is a Statutory Body should be Audited by CAG as in the case of Other Government Institutes and Companies?
Author prays to amend Section 18(5) of The Chartered Accountants Act, 1949, so that accounts of lCAl can be audited by The Comptroller and Auditor General (CAG) of lndia under Article 149 of lndian Constitution (See Exhibit-2).
Similar amendment should also be brought in Section 18(5) of Cost and Works Accountants Act, 1959, Section 18(5) of The Company Secretaries Act, 1980 & Section 12(2 of Advocates Act, 1961 (Bar Council). To sum-up all the bodies passed by Acts of Parliaments should have their accounts audited by The Comptroller and Auditor General (CAG) of India under Article 149 of lndian Constitution. (Supreme authority for Audit under Article 148 of lndian Constitution).
We also found similar clause in Section 10(2) of proposed Legal Practitioners (Regulations & Maintenance of Standards in Professions, Protecting the lnterest of Glients and Promoting the Rule of Law) Act, 2010 published in Ministry of Law & Justice website (See Exhibit-3).