professional misconduct

What are Professional Misconducts of a Chartered Accountant – Part -3

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 […]...

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Is “Zero Outstanding” of Audit Fee necessary before Signing Audit Report?

CA, 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 […]...

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Revised code of ethics & its importance in CA profession

CA, 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...

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Regularization of Firms & Professional Immunity to Chartered Accountants

CA, 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 […]...

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F&O Trading Allowed For CA in Practice or Not

CA, 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 […]...

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Volume-I of Code of Ethics, 2019 for CAs Applicable wef 01.10.2022 with changes

CA, 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....

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What are Professional Misconducts of a Chartered Accountant – Part 1

CA, 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....

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ICAI Defers certain provisions of Volume-I of Revised Code of Ethics, 2019

CA, 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...

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Clarification with regard to CA/CA Firms registering on GeM Portal

CA, 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....

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ICAI: Applicable date of certain deferred provisions of Revised Code of Ethics, 2019

CA, CS, CMA - As the members are aware, the revised 12th edition of Code of Ethics has come into effect from 1st July, 2020. It is accessible on www.icai.org. It may further be recalled that the Council at its 393rd Meeting held on 30th June and 1st July, 2020 decided that due to the prevailing situation due to Covid-19, the effective date of the follo...

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Rule 12 of CA rules not debar Director of Discipline from entertaining 7 year old complaint

Ashish 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...

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HC upheld removal of CA member for other misconduct

Institute 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...

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Adjudication of correctness of CA’s report by Disciplinary committee of ICAI, no need once the report passed judicial scrutiny

Wholesale 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...

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ICAI Should Give Reasons for its Decisions to De-Register A CA: SC

D.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...

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SC transfers petitions challenging validity of Tax Audit Limit of 60

The 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...

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CA Banned for 3 years by NFRA and imposes penalty for lapses in Audit

NFRA Order No. NF-23/46/2021 - (12/09/2022) - The primary function of the Auditor in the present case was to ensure compliance with SAs to achieve the necessary audit quality to lend credibility to financial statements and facilitate its users. A critical, questioning attitude, an unwillingness to be satisfied by superficial explanations, not c...

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ICAI removes name of 4 members for Professional Misconduct

F. No. PR/115/15-DD/140/15/DC/678/2017, F. No. PR/219/18/DD/237/18/BOD/518/2019, F. No. PR/180/15/DD/172/15/BOD/235/2016, F. No. PPR/P/341/2017/DD/328/INF/2017/BOD/491/2018 - (04/08/2022) - ICAI vide Notifications dated 4th August, 2022 notified removal of name of 4 Chartered Accountants from the Register of Members for a period ranging from 15 days to 5 years. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 4th August, 2022 ...

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NFRA imposes Penalty and Sanctions on a CA for professional misconduct

Notification No. NF-20012/1/2022  - (21/06/2022) - Considering the fact that professional misconduct has been proved, NFRA imposes monetary penalty of Rs 100,000 upon CA Gulshan Jagdish Jham....

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ICAI removes name of member for 1 Month for ‘Other Misconduct’

Notification No. 29-CA/Law/D-321/2022 - (22/04/2022) - ICAI removes name of A Chartered Accountant based at Bangalore with (M.No. 209581 from the Register of Members for a period of one month after finding him guilty of ‘Other Misconduct’ falling within the meaning of Section 22 read with Section 21 of the Chartered Accountants Act, 1949. TH...

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ICAI removes name of 3 members from the Register of Members

Notification No. PR/161/15/DD/09/16/DC/752/18, No. PR-5/2014-DD/31/2014-DC/598/2017, No. PR/162/15/DD/10/16/DC/753/18 - (29/03/2022) - ICAI removes name of 3 members from the Register of Members with effect from 29th March, 2022 In terms of the provisions of Section 21B(3) of the Chartered Accountants Act, 1949 read with Rules 18(17) and 19(1) of the Chartered Accountants (Procedure of Investigations of Professional and Other Misco...

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Recent Posts in "professional misconduct"

Volume-I of Code of Ethics, 2019 for CAs Applicable wef 01.10.2022 with changes

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 More
Posted Under: Income Tax | ,

What are Professional Misconducts of a Chartered Accountant – Part -3

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 More
Posted Under: Income Tax |

What are Professional Misconducts of a Chartered Accountant – Part 1

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 More
Posted Under: Income Tax |

CA Banned for 3 years by NFRA and imposes penalty for lapses in Audit

NFRA Order No. NF-23/46/2021 12/09/2022

The primary function of the Auditor in the present case was to ensure compliance with SAs to achieve the necessary audit quality to lend credibility to financial statements and facilitate its users. A critical, questioning attitude, an unwillingness to be satisfied by superficial explanations, not concluding on material matters without ri...

Read More

Rule 12 of CA rules not debar Director of Discipline from entertaining 7 year old complaint

Ashish 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 the same being lodged....

Read More

ICAI removes name of 4 members for Professional Misconduct

F. No. PR/115/15-DD/140/15/DC/678/2017, F. No. PR/219/18/DD/237/18/BOD/518/2019, F. No. PR/180/15/DD/172/15/BOD/235/2016, F. No. PPR/P/341/2017/DD/328/INF/2017/BOD/491/2018 04/08/2022

ICAI vide Notifications dated 4th August, 2022 notified removal of name of 4 Chartered Accountants from the Register of Members for a period ranging from 15 days to 5 years. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Set up by an Act of Parliament) NOTIFICATION New Delhi, the 4th August, 2022 (CHARTERED ACCOUNTANTS) F. No. […...

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NFRA imposes Penalty and Sanctions on a CA for professional misconduct

Notification No. NF-20012/1/2022  21/06/2022

Considering the fact that professional misconduct has been proved, NFRA imposes monetary penalty of Rs 100,000 upon CA Gulshan Jagdish Jham....

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HC upheld removal of CA member for other misconduct

Institute 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 has been proved. None has appeared [&hell...

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ICAI removes name of member for 1 Month for ‘Other Misconduct’

Notification No. 29-CA/Law/D-321/2022 22/04/2022

ICAI removes name of A Chartered Accountant based at Bangalore with (M.No. 209581 from the Register of Members for a period of one month after finding him guilty of ‘Other Misconduct’ falling within the meaning of Section 22 read with Section 21 of the Chartered Accountants Act, 1949. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF ...

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ICAI Defers certain provisions of Volume-I of Revised Code of Ethics, 2019

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...

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Posted Under: Income Tax |

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