Took action on members in Satyam case: ICAI

CAs seek more legal power

Satyam scam: CA Institute 'doing its best to act against errant members'

The Institute of Chartered Accountants of India (ICAI) has finally broken its silence on the regulatory turf war that has erupted since market regulator Sebi's order on Wednesday that barred Pricewaterhouse Coopers and its 11 affiliates from auditing listed companies for a period of two years because of its involvement in the Satyam scam. ".except that while the ICAI had punished the concerned member, however the SEBI has imposed this punishment on the audit firm concerned".

On Friday, ICAI sought to take credit for acting against auditors of Satyam, saying it was first off the blocks when the matter came to the fore in January 2009.

In 2010, the institute had sent its recommendation to the corporate affairs ministry for making amendments in the Chartered Accountants Act, 1949 to enable taking disciplinary action against CA firms.

ICAI CA CPT Results 2018 to be Released Soon: Check CA CPT Merit List: The Results Date For the CA CPT Examination 2017 that they have Decided and Been announced by the Institute of Chartered Accountants of India (ICAI), The Institute of Chartered Accountants of India ICAI that is Expected to be Released the Results for the ICAI CA CPT Results 2018 that which is Expected to be Released for the final Examination that held in the Month of November 2017 and also the Common Proficiency Test CPT that held in the Month of December 2017 last Year, Lots of Aspirants have Registered and has Successfully Completed the Examination for the Year 2017-18.

ICAI had initiated disciplinary cases against six members concerned, it said, adding that despite several legal hurdles and other impediments like the respondents (the CAs) in judicial custody, ICAI had proceeded with its disciplinary process in terms of the CA Act and the rules framed there under.

ICAI pointed out that it had awarded the maximum penalty of "removal from membership permanently and imposition of monetary penalty on members of ICAI involved in the matter".

"ICAI was the body which concluded its disciplinary enquiry at the earliest amongst domestic or worldwide agencies or bodies within 3 years by the year 2012 and disposed off the matter by award of punishment by the year 2013...", the statement said. The statement said "the ICAI may not like to specifically comment on the order passed by Sebi". "We believe that the order is also not in line with the directions of the Hon'ble Bombay High Court order of 2010 and so we are confident of getting a stay".

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