Country’s regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam Prakash Agarwal, the outgoing president.
From squandering the institute’s money on inane things like a cricket match and a yoga camp and favoring some particular people, Agarwal was charged for all by his council colleagues .
This is when the role of ICAI became particularly important with the Satyam fraud and the role of auditors being questioned. ICAI was given the task of looking into the roles of these auditors in the fraud .
But Agarwal carried on with what he thought was right.
However, he did not have his way this time on.
The first meeting of the reconstituted council (ICAI went to polls on 4-5 December) has been fixed for 12 February much against his wishes.
He had slammed ICAI secretary T Karthikeyan, for fixing up this meeting for 12 February without consulting him besides seeking Karthikeyan’s explanation for ignoring the office of the President.
The spat resulted in not so polite email communications between the two as also other council members from across the country.
If these 1,50,000 odd CAs continue playing the power game who will help companies and tax payers do their audit and accounting.