ICAI proposes Time Line to punish Erring Members

ICAI proposes Time Line to punish Erring Members

The Institute of Chartered Accountants of India (ICAI), the apex regulator of accountancy profession in the country, will propose a time line to dispose of the complaints that arise against its members.

The institute had recently recommended disciplinary action against two of its member chartered accountants after they were charged with professional misconduct while conducting the audit of Global Trust Bank for the year 2000-01.

ICAI feels that such delays should be avoided wherever possible.

Faster disciplinary action against erring members would act as a deterrent against professional misconduct, said Amarjit Chopra, ICAI’s newly elected president.

“Speedy and effective disciplinary mechanism is a top priority,” Chopra said, adding that the institute would even approach the government to create special benches across the country to speed up trails against its members accused of professional misconduct.

“I am not saying that we have been delaying action earlier. The delays are inevitable if the person is behind the bars and cannot make himself available for a hearing before the disciplinary committee. We want to change this situation by laying down some framework,” Chopra said.

According to him, either the government would have to facilitate such hearings through amendment to the existing laws or the institute will have to come up with its own internal guidelines that fix a time frame for taking disciplinary action against an erring member. “The issue will be taken up at the next council meeting of the institute”, Chopra said.

Revealing a five-year growth plan for ICAI, Chopra said ICAI would help Indian accounting firms to emerge as global brands in the coming years. “The big four (PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche) will not remain the only brands, this professional will have some Indian brands also,” he said.

Source - www.forum4finance.com