ICAI accelerates the processing of cases pending investigation

In order to reduce processing time, the Institute of Chartered Accountants of India (ICAI) has established another Disciplinary Board to speed up the processing of all outstanding cases, a high

The highest body of chartered accountants noted that the remaining cases pending under a former disciplinary mechanism (Section 21D of the 1949 Chartered Accountants Act) ) had been closed by quickly following the hearings.

More members of the Disciplinary Board have been set up to speed up the processing of all outstanding cases and dispose of them at the prima facie stage, "the ICAI President told reporters on Monday. Naveen Gupta

a total of 185 cases were executed under the direction of ICAI discipline, and in 2015-2016 this number increased to 402, in 2016-2017 (284) and in 2017- 18 (875).

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During 2018-2019 As of October 17), 365 cases have been executed under the authority of the ICAI Disciplinary Directorate.

In addition, the ICAI Board has approved the holding of 39, Disciplinary Hearings, Videoconferencing (Electronic Hearing) and Relevant Changes to the Disciplinary Rules They were sent to the Ministry of General Affairs for review and approval, he said.

With respect to the National Financial Reporting Authority (NFRA) Mukul Rohatgi, lead counsel, stated in a legal opinion that the NFRA was not constitutionally valid and that it was encroaching on the powers of the ICAI.

"The Government does not appear to have taken into account the fact that there is already a regulatory body, the constitutionality of which is not in doubt under Act 19 (1) (6). the Constitution (ICAI), there should be no other body (the NFRA) that seeks to regulate the same profession and whose constitution Law under Law 19 (6) is in doubt ", said Rohatgi

However, Gupta said, "We cooperate with the government, we participate in the process. We are not against reforms. "