The Institute of Chartered Accountants of India (ICAI) has taken disciplinary action against 115 Chartered Accountants in 2024 for professional misconduct. The President of ICAI, CA. Ranjeet Kumar Agarwal, emphasized the institute’s commitment to enhancing regulatory oversight in the profession. During this year, 31 meetings of the Board of Disciplinary & Disciplinary Committee were held, leading to the consideration of 158 cases, conclusion of 41 hearings, and the imposition of 115 punishments. The details regarding these actions are available in the regulatory update page of the journal.
The Disciplinary Directorate of ICAI has the mandatory responsibility to investigate alleged lapses or irregularities committed by its members across the country. Professional misconduct, as defined by ICAI, encompasses any act or omission by a chartered accountant in connection with their professional duties that contravenes the established standards, guidelines, or ethical principles set by the institute.
Under the Chartered Accountants Act, 1949, Section 22 specifies that “professional or other misconduct” includes acts or omissions listed in any of the schedules, without limiting the powers conferred to inquire into the conduct of any ICAI member under any circumstances.
Read more: ICAI Takes Disciplinary Actions Against 7 CAs for Professional Misconduct