code of ethics

Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI

Company Law - Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI All CAs celebrate 1st July as CA Day but it is also celebrated by all doctors and Agriculturists. India is a leading agri-oriented country wherein agricultural sectors continue to remain the biggest employer since ancient times. Given the cyclical nature of agriculture, ...

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CA in practice- Impact of 15% Fees Restriction – A Simple Example

Company Law - Any SMP with Gross Annual fees income of Rs. 25L and manages to get any audit assignment from a mid-sized group with fees above Rs 5L then it was easily possible prior to 30/06/2020, since such assignment was less than 40% of total fees as per earlier code which had been in force since inception. […]...

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FAQs: Can a Practicing CA become Director in a Company?

Company Law - Can a Practicing Chartered Accountant become Director in a Company? One of the most common question indeed! Q1. Can a Practicing CA become a director in a company? Yes. Q2. Is prior approval required to be obtained from Council by practicing CA to become a director in a company? Yes, in case of holding of […]...

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NOC (Communication with previous auditor) – A tool, defense, weapon or?

Company Law - What should be the correct procedure to adopt when a prospective client tells you that he wants to change his auditor and wants you to take up his work? Is NOC (no objection certificate) required from previous auditor?...

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FAQs on ethical issues relating to GST

Company Law - Q1. Whether a member in practice can engage as GST practitioner? A. Yes, a member in practice can engage as GST practitioner , as the activities to be performed by GST practitioner mentioned in CGST Act, 2017 read with CGST Rules, 2017 are within the purview of a member in practice as per the provisions of Chartered Accountants Act, 19...

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ICAI issues revised Code of Ethics applicable from 1st July 2020

Company Law - ICAI issued revised 12th edition of Code of Ethics which  has come into effect from 1st July, 2020. Code of Ethics are in 3 Volumes. Due to the prevailing situation due to Covid-19, few provisions of Volume-I of Code of Ethics, 2020 are been deferred till further notification. Ethical Standards Board The Institute of Chartered […]...

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ICAI Clarification on Fees from a single client

Company Law - It may be clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client. There is only requirement of disclosure , and taking safeguards prescribed therein, if the total gross annual professional fees from the audit client and its related entities represent more than 15% of the to...

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ICAI Releases revised Part-B of Code of Ethics, 2019

Company Law - As you are aware, ICAI Code of Ethics, 2009 was aligned with the International Ethics Standards Board for Accountants (IESBA) Code of Ethics 2005 for the first time in 2009.This edition of the Code was divided into two parts – A and B , Part-A representing provisions of IESBA Code of Ethics as suitably incorporated […]...

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ICAI Code of Ethics, 2018 -Exposure Draft

Company Law - This ICAI Code of Ethics is applicable from 1 April, 2019. Where guidance contained in this Code relates to engagements commencing prior to that date, previous guidance may be applied up to completion of the said engagements. Transitional arrangements are available in respect of specific sections of this Code....

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BJP leader asks Bar Council to Debar MPs and MLAs from Practicing As Advocates

Company Law - In a letter addressed to the Chairman of Bar Council of India, Mr. Manan Kumar Mishra, BJP leader and Advocate Ashwini Kumar Upadhyay has sought debarment of Members of Parliament (MPs) and Members of Legislative Assembly (MLAs) from practicing as Advocates....

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ICAI cannot conduct disciplinary proceedings without written allegations

Manubhai And Shah LLP Chartered Accountants Vs Secretary, ICAI (Gujarat High Court) - ICAI had no power to conduct any disciplinary proceedings without written allegations and in the absence of any information as prescribed under Rules 7 of the Rules 2007 the prima facie opinion derived by the authority lacked jurisdiction and had no foundation....

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ICAI obliged to specify reasons for closure of misconduct case to Complainant

Trideep Raj Bhandari Vs ICAI (Delhi High Court) - ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. ...

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Only a member of ICAI can file appeal before Appellate Authority

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority of ICAI) - Neville Nadir Mistry Vs Board of Discipline (Appellate Authority) only a member of the Institute can file an appeal before the Appellate Authority if he is aggrieved by any order as provided under Section 21 A(3) or Section 21B(3) of the Chartered Accountants Act, 1949. During the course of argument...

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Authority of ICAI only can evaluate Professional misconduct of member and not the Appellant-company

Wholesale Trading Service Pvt. Ltd. Vs ICAI (Delhi High Court) - Wholesale Trading Service Pvt. Ltd. Vs ICAI (Delhi High Court) Conclusion: Since Appellant-company was carrying on the activity of filing and pursuing complaints against various Chartered Accountants as an organised activity, independent of the objects for which it was incorporated, therefore, it wa...

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No Professional misconduct if auditor not obtains NOC from auditor prior to existing auditor

SSAY & Associates Vs ICAI (Delhi High Court) - Ssay & Associates Vs ICAI (Delhi High Court) Conclusion: Since the accounts filed with the Registrar of Companies for the years 2006-07 to 2008-09, that is, for the three years prior to the period for which KNA was appointed, had been audited by M/s Manu Sharma and Co. and therefore, there was n...

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NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 - (23/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or unde...

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NFRA bars ex-Deloitte CEO for 7 years & levies Penalty

File No.NF-200121112020-1/o Secy-NFRA - (22/07/2020) - NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Twenty Five lakhs is levied upon CA Udayan Sen. (ii) In addition, CA Udayan Sen is debarred for a period of seven years from being appointed as an auditor or internal auditor or undertak...

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Recent Posts in "code of ethics"

NFRA bans another auditor in IL&FS case for 5 Years & levied penalty

NFRA Order No. NF-20012/1/2020 (23/07/2020)

NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Five Lakhs is levied upon CA Rukshad Daruvala. (ii) In addition, CA Rukshad Daruvala is debarred for a period of five years from being appointed as an auditor or internal auditor or undertaking any […]...

Read More

Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI

Impact of Overdue Fees (Section 410.7) of New Code of Ethics of ICAI All CAs celebrate 1st July as CA Day but it is also celebrated by all doctors and Agriculturists. India is a leading agri-oriented country wherein agricultural sectors continue to remain the biggest employer since ancient times. Given the cyclical nature of agriculture, ...

Read More
Posted Under: Company Law |

NFRA bars ex-Deloitte CEO for 7 years & levies Penalty

File No.NF-200121112020-1/o Secy-NFRA (22/07/2020)

NFRA makes the following order in terms of Sec 132(4)(c) of the Companies Act, 2013. (i) A monetary penalty of Rs Twenty Five lakhs is levied upon CA Udayan Sen. (ii) In addition, CA Udayan Sen is debarred for a period of seven years from being appointed as an auditor or internal auditor or undertaking […]...

Read More

CA in practice- Impact of 15% Fees Restriction – A Simple Example

Any SMP with Gross Annual fees income of Rs. 25L and manages to get any audit assignment from a mid-sized group with fees above Rs 5L then it was easily possible prior to 30/06/2020, since such assignment was less than 40% of total fees as per earlier code which had been in force since inception. […]...

Read More
Posted Under: Company Law |

ICAI issues revised Code of Ethics applicable from 1st July 2020

ICAI issued revised 12th edition of Code of Ethics which  has come into effect from 1st July, 2020. Code of Ethics are in 3 Volumes. Due to the prevailing situation due to Covid-19, few provisions of Volume-I of Code of Ethics, 2020 are been deferred till further notification. Ethical Standards Board The Institute of Chartered […]...

Read More
Posted Under: Company Law |

ICAI Clarification on Fees from a single client

It may be clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client. There is only requirement of disclosure , and taking safeguards prescribed therein, if the total gross annual professional fees from the audit client and its related entities represent more than 15% of the to...

Read More
Posted Under: Company Law |

ICAI cannot conduct disciplinary proceedings without written allegations

Manubhai And Shah LLP Chartered Accountants Vs Secretary, ICAI (Gujarat High Court)

ICAI had no power to conduct any disciplinary proceedings without written allegations and in the absence of any information as prescribed under Rules 7 of the Rules 2007 the prima facie opinion derived by the authority lacked jurisdiction and had no foundation....

Read More

ICAI obliged to specify reasons for closure of misconduct case to Complainant

Trideep Raj Bhandari Vs ICAI (Delhi High Court)

ICAI was under an obligation to provide reasons to the complainant for its prima facie conclusion of the Chartered Accountant being member not guilty of any misconduct on the complaint made by a Complainant. ...

Read More

FAQs: Can a Practicing CA become Director in a Company?

Can a Practicing Chartered Accountant become Director in a Company? One of the most common question indeed! Q1. Can a Practicing CA become a director in a company? Yes. Q2. Is prior approval required to be obtained from Council by practicing CA to become a director in a company? Yes, in case of holding of […]...

Read More
Posted Under: Company Law |

Only a member of ICAI can file appeal before Appellate Authority

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority of ICAI)

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority) only a member of the Institute can file an appeal before the Appellate Authority if he is aggrieved by any order as provided under Section 21 A(3) or Section 21B(3) of the Chartered Accountants Act, 1949. During the course of arguments, the complainant conceded that under [...

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