UP News: The Institute of Chartered Accountants of India (ICAI) has taken strict measures against the Chartered Accountants (CAs) involved in wrong practices and scams. 6,766 such CAs are under scrutiny. Of these, strict decisions have been taken against 4,249.
The names of CAs are continuously cropping up in Directorate General of Income Tax and Goods and Services Tax Intelligence (DGGI) raids on tax evasion and ED investigations related to money laundering. Reports have also been filed against CAs in ten major cases registered in the last two years. CAs have also been arrested in three cases related to defaulter and fraud.
According to Jyoti Singh, secretary of ICAI’s public relations committee, cases have been registered against 6,766 CAs so far under the zero tolerance policy in cases related to indiscipline and wrong practice. In some cases the CA has been put out of practice for life. He informed that till March 31, 2023, decisions have been taken in 4,249 cases under the new disciplinary code mechanism. These range from termination of membership to harsher penalties. Remaining cases are either in the first stage or hearing is going on before the Disciplinary Committee.
Hearing every third day in a year
Strictness and monitoring can be gauged from the fact that in 2022-23, a total of 112 meetings of the Board of Discipline and the Committee of Discipline had to be called. That is, hearing was held every third day in a year. Of these, 91 CAs were punished after completion of trial in 132 serious cases.
CA’s craze is increasing continuously in UP
One of the most difficult professions in terms of the course, the craze among the youth regarding Chartered Accountancy is continuously increasing. Especially after 12th standard, the number of youths who take admission in CA is maximum. In 2021, the number of students enrolled in CA course after graduation was 848, which increased to 914 in 2022. At the same time, after the twelfth, 9,354 students got enrolled in 2022. This number will increase to 10,431 in 2023. That is, a total of 21,547 students enrolled in the CA course in two years.
Moral values included in the guidelines
ICAI is the second largest institute in the world in accountancy. Ethical values are also included in the Code of Conduct of ICAI. The Disciplinary Directorate of ICAI has developed a mechanism called the DC Mechanism to look into the defaults and irregularities of its members.
