CA, CS, CMA : Ethical conduct is the core of professional credibility in accountancy, directly influencing career prospects, client trust, and r...
Corporate Law : Core principles of professionalism (integrity, objectivity, independence) for CAs and bankers, enforced by ICAI, Companies Act, an...
CA, CS, CMA : Understand the 60-tax audit rule for Chartered Accountants, its exceptions, and its implications on professional conduct and ethic...
CA, CS, CMA : Discover the Supreme Court's ruling on ICAI's 60 tax audits limit per Chartered Accountant, its implications, and future impact on...
CA, CS, CMA : Analysis of ICAIs disciplinary action against EY India affiliates for professional misconduct, implications, and insights into reg...
CA, CS, CMA : ICAI’s Code of Ethics amendments now allow advertising, website promotion, and enhanced visibility, enabling domestic CA firms t...
CA, CS, CMA : ICAI's Ethical Standards Board issued an Exposure Draft for the 13th Code of Ethics, proposing revisions to the current standards....
Company Law : NFRA's 2023 inspection of Deloitte Haskins & Sells LLP finds improvements but notes ongoing issues in key audit areas....
Company Law : NFRA's 2023 inspection of Walker Chandiok & Co. LLP reveals ongoing issues in independence and audit procedures....
Company Law : NFRA's 2023 inspection of SRBC & Co. LLP highlights audit quality issues, independence concerns, and compliance with auditing stan...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
CA, CS, CMA : Appellant had approached this Court by way of the present intra Court appeal. It was held that BoD had failed to accord any reaso...
CA, CS, CMA : Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for c...
CA, CS, CMA : Delhi High Court rules that ICAI can hold entire CA firms accountable for misconduct, even if individual guilt isn't found. Full j...
CA, CS, CMA : Naresh Chandra Agrawal Vs Institute of Chartered Accountants of India And Others (Supreme Court of India) In a landmark judgment, ...
CA, CS, CMA : ICAI notifies removal of 12 chartered accountants from membership rolls, with suspension periods, fines, and reprimands in select ...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
CA, CS, CMA : The issue involved disciplinary action for professional and other misconduct under the Chartered Accountants Act. The authorities ...
CA, CS, CMA : The issue concerns disciplinary action for professional misconduct. The ruling enforces removal from membership and bars practice ...
CA, CS, CMA : ICAI has modified its earlier notification to remove Jhalawar from the Kota Branch jurisdiction. The change, effective February 20...
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 indirectly) of the Companies Act, 2013. BSR’s continuation as such statutory auditor was also violative of Sec 141(4).
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 […]
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, […]
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 […]
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. […]
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 […]
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 total fees received by the firm expressing the opinion on the financial statements of the client for two consecutive years.
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.
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.
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.
