The Institute of Chartered Accountants of India ( ICAI ) has punished 115 Chartered Accountants in 2024 so far for Professional Misconduct.
The ICAI President CA. Ranjeet Kumar Agarwal has said that, “the ICAI is steadfastly committed to augment the regulatory oversight of the profession. During the year till now 31 meetings of Board of Disciplinary & Disciplinary Committee were held, wherein 158 PFOs considered, 41 hearings concluded, and 115 punishments were awarded. The details in this regard is published in regulatory update page of this journal”.
Under the disciplinary mechanism, a mandatory duty has been cast upon the Disciplinary Directorate of the ICAI to look into any alleged lapses/irregularities committed by its members across the country.
Professional misconduct, as defined by the Institute of Chartered Accountants of India (ICAI), refers to any act or omission by a chartered accountant in connection with his professional duties that violates the established standards, guidelines, or ethical principles set forth by the ICAI. The ICAI, being the regulatory body for chartered accountants in India, outlines specific provisions related to professional misconduct in the Chartered Accountants Act, 1949.
As per Section 22 of the Chartered Accountants Act, 1949 “professional or other misconduct” shall include any act or profession omission as in any of the schedule but nothing in this Section shall be construed to limit in any way powers conferred to enquire into conduct of any Member of ICAI under any circumstances.
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