CA, CS, CMA - Professional Misconducts of a Chartered Accountant – Don’ts 1. CA in practice shall be deemed to be guilty of professional misconduct, if he expresses his opinion on financial statements of any business or any enterprise in which he, his firm or a partner in his firm has substantial interest 2. A member is a director […]...
Read MoreCA, CS, CMA - The Word of Caution and the Good News for Auditors: The auditor is now required to ensure zero outstanding of audit fee before signing current year audit report as per the Revised Code of Ethics. Legal Position as per Code of Ethics, 2019 Section 410.7 A1 A self-interest threat might be created if a significant […]...
Read MoreCA, CS, CMA - While the revised Code retains the fundamental ethical principles from the earlier code, it covers refreshed approach and contains certain new substantially revised requirements. The part shown in requirements establish general and specific obligations to be complied with by the members, while the application material provides the context...
Read MoreCA, CS, CMA - In India, majority of business class population comes from middle class and what business they do is of no relevance here but how they do is of utmost relevance. We all know the concept of sole proprietorship and partnership firms and yes this “firm” is the way in which how majority people work. Did you […]...
Read MoreCA, CS, CMA - Whether CA in Practice is allow to do trading under F&O segment ? As per Clause 11 of Part 1 of the First Schedule of The Chartered Accountant Act, 1949 A Chartered Accountant in Practice shall be deemed to be guilty of professional misconduct if he engaged in any business or occupation other than profession […]...
Read MoreCA, CS, CMA - Ethical Standards Board The Institute of Chartered Accountants of India 22nd October, 2022 Advisory Sub.: Use of designation “Chartered Accountant” or prefix “CA” by members while expressing views on professional/non-professional matters publicly including on social media 1. A Firm of Chartered Accountants (R...
Read MoreCA, CS, CMA - Disclosure is required where for two consecutive years, gross annual professional fees from an audit client represent more than 40% of total fees of firm....
Read MoreCA, CS, CMA - A Practicing Chartered Accountant abstain from soliciting clients or professional work either directly or indirectly by circular, advertisement, personal communication, or interview or by any other means....
Read MoreCA, CS, CMA - ICAI Council decided that the applicability of provisions related to 1. Responding to Non-Compliance with Laws and Regulations (NOCLAR) 2. Fees – Relative Size and 3. Tax Services to Audit Clients of Volume-I of Code of Ethics, 2019 be further deferred for a period of six months (i.e. till 30th September, 2022) to ensure effective...
Read MoreCA, CS, CMA - It is hereby clarified that the Chartered Accountants in Practice/Firms of chartered accountants are permitted to register on GeM Portal for rendering professional services. The information being published on the portal should be in compliance with the provisions of Code of Ethics....
Read MoreAshish Agarwal Vs Institute of Chartered Accountant of India (Delhi High Court) - Held that rule 12 Chartered Accountants (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007 does not expressly debar the Director Discipline from entertaining a complaint merely because it may relate to acts of misconduct committed seven years prior to...
Read MoreInstitute of Chartered Accountant of India Vs Shri. P.P. jay (Karnataka High Court) - Institute of Chartered Accountant of India Vs Shri. P.P. jay (Karnataka High Court) ICAI submitted that the report of the Institute be accepted as the respondent has been found to be guilty of grave misconduct and the penalty has been imposed on the respondent commensurate to the misconduct, which h...
Read MoreWholesale Trading Services P Ltd Vs The Institute of Chartered Accountants of India (Delhi High Court) - The court sanctioned the Scheme of Amalgamation vide judgement dated 26.03.2015 and it is apparent that the Court found no fault with or falsity in the report. Once the report passed the threshold of judicial scrutiny, there was no reason why the Disciplinary Committee of ICAI should have adjudicate...
Read MoreD.K. Agrawal Vs Council of the Institute of Chartered Accountants of India (Supreme Court of India) - D.K. Agrawal Vs Council of Institute of Chartered Accountants of India (Supreme Court of India) Hon’ble Supreme Court held that the Council of Institute of Chartered Accountants of India (Respondent) needs to necessarily record reasons in its report as to why a CA must be de-registered. It has bee...
Read MoreThe Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) - The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) In the writ petitions, which are sought to be transferred, writ petitioners have challenged validity of Chapter VI of Guidelines No.1‑CA(7)/02/2008 dated 08.08.2008 issued by the Council of peti...
Read MoreNo. PPR/10/N/2013/DD/9/N/INF/2013/BOD/275/2017, No. PPR/P/259/2017/DD/243/TAMC/INF/2017/DC/1100/2019, No. PR/88/2016/DD/129/2016/DC/761/2018, No. PPR/P/111/2017/DD/95/TAMC/INF/2017/DC/1224/2020 - (28/04/2023) - Ordered for removal of name of CA. Pradeep Kumar Manglik from Register of Members for a period of 3 (Three) months and also imposed a fine of Rs. 1,00,000...
Read MoreOrder No. NF-23/30/2021/2 - (28/04/2023) - NFRA imposes penalty of Two Lakhs on CA Hemant Khator Swami who was Engagement Partner for the statutory audit of Women Next Loungeries Ltd for Financial Year 2016-17 for Audit failures and also debarred him for two years from being appointed as an auditor or internal auditor or from undertaking a...
Read MoreOrder No. NF-23/30/2021 - (28/04/2023) - NFRA imposes penalty of Two Lakhs on CA Narayan Prasad Swami who was Engagement Partner for the statutory audit of Women Next Loungeries Ltd for Financial Year 2017-18 for Audit failures and also debarred him for two years from being appointed as an auditor or internal auditor or from undertaking ...
Read MoreOrder No. NF-23/14/2022 - (26/04/2023) - NFRA’s investigations inter alia revealed that the TDL’s Auditors for the FY 2018-19, had failed to meet the relevant requirements of the Standards on Auditing (‘SA’ hereafter) in a number of significant aspects and demonstrated a serious lack of competence. They failed to ev...
Read MoreNFRA Order No. NF-21/1/2022 - (13/04/2023) - NFRA’s investigations revealed that the appointment of none of the 33 branch auditors was approved at the Annual General Meeting (AGM) of DHFL, as required by the Act. The audit firm and CA Mathew Samuel accepted the appointment, portrayed themselves as “Branch Statutory Auditor” i...
Read MoreNo. PPR/10/N/2013/DD/9/N/INF/2013/BOD/275/2017, No. PPR/P/259/2017/DD/243/TAMC/INF/2017/DC/1100/2019, No. PR/88/2016/DD/129/2016/DC/761/2018, No. PPR/P/111/2017/DD/95/TAMC/INF/2017/DC/1224/2020 - 28/04/2023
Order No. NF-23/30/2021/2 - 28/04/2023
Order No. NF-23/30/2021 - 28/04/2023
Order No. NF-23/14/2022 - 26/04/2023
NFRA Order No. NF-21/1/2022 - 13/04/2023
Order No. NF-21/1/2022/02 - 31/03/2023
Order No. NF-21/1/2022/01 - 31/03/2023
Notification No. PR/91/14/DD/118/14/DC/469/2016, No. PPR/P/63/16/DD/32/INF/16/DC/1290/2020, No. PR/211/12/DD/104/13/DC/454/16, No. PR/76/14/DD/96/14/DC/554/17, No. PPR/NP/76/18/DD/204/INF/18/DC/1375/2020, No. PPR/P/191/17/DD/175/TAMC/INF/17/DC/1111/2019, No. PPR/P/81/16/DD/62/INF/16/DC/1073/2019, No. PR/G/266/17/DD/232/17/DC/1248/2019, No. PR/G/26/18/DD/49/18/DC/1142/2019, No. PPR/P/121/17/DD/105/TAMC/INF/17/DC/1306/2020 - 16/12/2022
Notification No. PPR/P/30/W/13/DD/36/INF/2015/DC/701/2017 and 11 other notifications - 11/11/2022