professional misconduct

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

CA, CS, CMA - 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

CA, CS, CMA - 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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6 Latest Instances Maligning an Honourable Profession of CA

CA, CS, CMA - There are a number of issues directly linked to maligning the image of Chartered accountants which started from Satyam , Reddys, Lodhas and we are being found mediatory in almost all the cases of bribes caught red-handed by the enforcement agencies. However, an attempt is being made here through this article to look for the last six incid...

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Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

CA, CS, CMA - The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

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

CA, CS, CMA - 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

CA, CS, CMA - 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 Code of Ethics, 2018 -Exposure Draft

CA, CS, CMA - 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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CVC Code of Ethics for Chartered Accountants

CA, CS, CMA - This function of attestation is done by professional accountants, who are Chartered Accountants in our country. It has been however, observed that there have been a number of cases in banks and financial institutions wherein due to the erroneous/ambiguous advice tendered by the respective Chartered Accountants, borrowal accounts have had ...

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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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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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AA imposes Penalty of Rs. 50k on DC of ICAI for being negligent

Devendraa P. Kapur Vs ICAI & Others (Appellate Authority of ICAI) - On perusal of the record, it reveals that the Institute was negligent in the non­compliance of the directions of this Appellate Authority. The DC was required to seek extension of time from this Authority had there been any difficulty on any count to dispose of the matter within six months....

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Appellate Authority shows displeasure for use of it to recover dues

Aakansha Vaid Vs ICSI (Appellate Authority of ICSI) - Aakansha Vaid Vs ICSI (Appellate Authority of ICSI) he Authority records its displeasure about the conduct of the Complainant during the entire proceedings. The Complainant lodged a comprehensive Complaint supported with several documents before the Institute on 3rd August 2017. He sent letter dated...

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ICAI removes name of 7 CAs from Register of Members

No. PR/62/17-DD/87/17-DC/918/18, No. PR/172/13-DD/178/13/DC/513/2017, No. PR/310/14-DD/329/14-DC/599/17, No. PR/154/14/DD/181/14/DC/433/15, No. PR/G-67/18/DD/70/18/DC/963/18, No. PR/43/15/DD/76/15/DC/511/16, No. PR/237/15-DD/261/15/DC/767/2018 - (15/02/2021) - On 15th February ICAI notified that it has removed name of 7 members from the Register of Members for the period of 15 days to Two Years depending upon the nature of Professional Misconduct. Full text of such notifications are given below- THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Notification...

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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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ICAI takes action against 4 Members for Misconduct

Notification No. DD/141/11/BOD/144/2013, DD/3/S/INF/11/DC/232/2012 , DD/174/10/DC/320/2014, No. DD/70/09/DC/127/2010 and DD/73/09/DC/128/2010 - (06/06/2016) - ICAI has vide its Notifications dated 06th June 2016 notified the action taken for Professional and Other Misconduct rules against Ms. Sunita Shamsunder Narang (Membership No. 046574), Shri N. Sundararajan (Membership No. 021341),Shri D. Sundararajan (Membership No. 010150) and Shri Mahendra Kumar H...

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Recent Posts in "professional misconduct"

ICAI removes name of 7 CAs from Register of Members

No. PR/62/17-DD/87/17-DC/918/18, No. PR/172/13-DD/178/13/DC/513/2017, No. PR/310/14-DD/329/14-DC/599/17, No. PR/154/14/DD/181/14/DC/433/15, No. PR/G-67/18/DD/70/18/DC/963/18, No. PR/43/15/DD/76/15/DC/511/16, No. PR/237/15-DD/261/15/DC/767/2018 (15/02/2021)

On 15th February ICAI notified that it has removed name of 7 members from the Register of Members for the period of 15 days to Two Years depending upon the nature of Professional Misconduct. Full text of such notifications are given below- THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA Notification No. PR/237/15-DD/261/15/DC/767/2018 New...

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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 petitioner Institute on the ground that the ...

Read More

Regularization of Firms & Professional Immunity to Chartered Accountants

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 More
Posted Under: CA, CS, CMA |

F&O Trading Allowed For CA in Practice or Not

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 More
Posted Under: CA, CS, CMA |

Appointment of BSR as statutory auditor of IFIN for 2017-18 was illegal: NFRA

The appointment of BSR as the statutory auditor of IL&FS Financial Services Ltd. (IFIN) for the year 2017-18 was illegal, since BSR was not eligible to be appointed as such auditor due to violation of Sec 141(3)(e) (subsisting business relationships on the date of appointment) and Sec 141(3)(i) (provision of non-audit services directly or...

Read More
Posted Under: CA, CS, CMA |

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: CA, CS, CMA |

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: CA, CS, CMA |

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: CA, CS, CMA |

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