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 - 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 MoreCA, 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...
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 MoreNFRA 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...
Read MoreF. 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 ...
Read MoreNotification 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....
Read MoreNotification 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...
Read MoreNotification 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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NFRA Order No. NF-23/46/2021 - 12/09/2022
Ashish Agarwal Vs Institute of Chartered Accountant of India (Delhi High Court) -
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
Notification No. NF-20012/1/2022 - 21/06/2022
Institute of Chartered Accountant of India Vs Shri. P.P. jay (Karnataka High Court) -
Notification No. 29-CA/Law/D-321/2022 - 22/04/2022