ICAI Disciplinary Committee enquired in 235 cases on Professional Misconduct by Chartered Accountants last year [Read Report]

ICAI 72nd Annual Report - Disciplinary Committee - professional misconduct - Chartered Accountants - Taxscan

The Institute of Chartered Accountants of India(ICAI) has published the 72nd Annual Report and Accounts of the Institute for the year 2020-21 wherein the Disciplinary Committee enquired in 235 cases in respect of professional misconduct by its Members.

From 1st April 2020 to 15th June 2021, 30 meetings of the Board of Discipline were held. Moreover, 146 Complaint/Information cases were considered by the Board of Discipline (under Section 21A) wherein prima facie opinion of the Director (Discipline) was formed. A number of cases (Complaint/Information cases) in which inquiry was completed by the Board of Discipline (including those cases, which were referred to the Board of Discipline during the earlier years) were 67 and in 22 cases (Complaint/Information) punishment has been awarded by the Board of Discipline (including those cases, which were referred to the Board of Discipline during the earlier years.

During the year under review, the Disciplinary Committee (all benches) held 86 meetings including meetings through video conference. During the course of the aforesaid meetings, the Committee concluded its inquiry in 235 cases, which included cases referred to it in previous years.

As per the report, during the period from 1st April 2020 to 15th June 2021, 86 meetings of the Disciplinary Committee were held. A number of Complaints or Information cases considered by the Disciplinary Committee (under Section 21B) wherein prima facie opinion of the Director (Discipline) was formed was 225. Further, in 235 cases (Complaint/Information cases) in which inquiry was completed by the Disciplinary Committee (including those cases, which were referred to the Disciplinary Committee during the earlier years). Lastly, 126 cases (Complaint/Information) in which punishment has been awarded by the Disciplinary Committee including those cases, which were referred to the Disciplinary Committee during the earlier years.

Interestingly, 203 writ petitions were filed arising out of disciplinary action under Section 21 of the Chartered Accountants Act, 1949.

The Disciplinary Committee of IIIPI has to date issued 21 orders against its members, in order to maintain high ethical and professional standards in the regulation of its members.

Looking to the pandemic further amendments have been made in E hearing modalities facilitating the parties/their representatives and members of the Board of Discipline/Disciplinary Committee to appear from their respective places. E-hearings are resulting in saving the time and energies of the members of the Board of Discipline/ Disciplinary Committee besides being economical. Now, members of the Committees will not have to travel to different places for hearings. Parties to the cases are also having an option to attend the Board of Discipline (BOD)/Disciplinary Committee (DC) hearing through Video Conferencing from their respective places.

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