GOVERNMENT has said that the profession of Chartered Accountants is regulated under the Chartered Accountants Act, 1949 including disciplinary action in Satyam-like cases. The Central Vigilance Commission does not have any role in such cases. Chapter V of the Chartered Accountants Act, 1949 has been amended in 2006 to provide more effective disciplinary mechanism to deal with professional or other misconduct mentioned in First or Second Schedule of the Act.
At present, there is no proposal to replace Chartered Accountants of Companies after three years.
This information was given today by Mr Salman Khurshid, Minister for Corporate Affairs, in the Lok Sabha in a written reply yesterday.