Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Professional Updates »
Open DEMAT Account in 24 hrs
  Auditing and Assurance Standards Board - Online Panel of Experts for addressing Bank Branch Audit related queries
 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
 Important Announcement for May-June 2024 CA Examinations

HC orderes notice to Union Ministry of Corporate Affairs, ICAI
March, 27th 2015

The Madras High Court today ordered issue of notices to the Union Ministry of Corporate Affairs and the Institute of Charted Accountants of India (ICAI), on a plea by a Charted Accountant against the activities of ICAI.

Justice T S Sivagnanam on a petition by V Venkata Siva Kumar, a senior Charted Accountant seeking a special audit by CAG on the finances of ICAI, ordered the notices.

Kumar, in his petition, submitted that presidents of ICAI during the past several years were indulging in irregularities in the use of funds, misuse of authority, disregarding the regulations and abuse of quasi-judicial functions by exercising them in an arbitrary manner.

He submitted that ICAI does not have independent auditors and members are kept in the dark about its affairs.

"Financial scams in the operation are not being brought to the notice of members for corrective action, resulting in steady erosion in the image of the institution", he submitted.

He alleged several instances of ICAI creating fear among the members in the guise of disciplinary jurisdiction and submitted that "the instances are only the tip of an iceberg and more can come to light if an independent inquiry is ordered."

He alleged that money and several land deals apart from service and procurement contracts involving several crores of rupees have not been properly accounted for by ICAI and prayed for ordering a special and an impartial audit to unearth the "irregularities.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting