The ICAI President CA Dr. Debashis Mitra said that, the Institute will in three to four months conclude its disciplinary action in the case of a list of chartered accountants who are suspected to have aided Chinese entities in allegedly setting up shell companies in India.
Dr. Debashis Mitra said that ICAI is looking into alleged professional conduct of around 200 chartered accountants. The self-regulator of the accounting profession earlier issued notices and have received information from these professionals. The ICAI president did not specify how many CAs were found guilty, but said that prima facie opinion has been formed on these cases . Wherever found guilty, they can be debarred for life, he said. Mitra also said that ICAI follws a ‘zero tolerance’ policy regarding professional misconduct and that these cases are on fast track.
He is also added that, ICAI is also working on the norms for social impact assessment of corporate social responsibility initiatives. As per law, large CSR spenders must carry out an independent impact assessment of their CSR activities.
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