The President of the Institute of Chartered Accountants of India (ICAI), Ranjeet Kumar Agarwal, shared that the disciplinary committees of the institute handle a significant number of cases yearly, typically concluding 300 to 400 cases. Each complaint received is thoroughly reviewed, and the disciplinary committees operate with autonomy in making decisions based on the circumstances presented. Agarwal stressed the importance of compliance in all cases processed by the disciplinary committees, highlighting the transparent process followed in reaching resolutions for professional misconduct.
Agarwal refrained from commenting on specific recent orders by ICAI's disciplinary committee involving three affiliates of EY and a retired partner, emphasizing that such decisions are made independently by the disciplinary committee benches. He pointed out that despite similar actions being taken in the past, recent cases are gaining attention due to their publication on the institute's website, adding a layer of transparency to the disciplinary process. The disciplinary committee's recent orders against EY affiliates and individuals for professional misconduct included directives for immediate cessation of existing arrangements with multinational entities to adhere to the Chartered Accountants Act of 1949.
The ICAI, founded by an Act of Parliament, serves as the principal regulatory and developmental body for Chartered Accountants in India. With over 16 lakh companies listed on the RoC portal, the ICAI plays a crucial role in regulating the auditors of these entities, ensuring compliance with professional standards. Beyond external auditing firms, the ICAI also oversees and addresses instances of professional misconduct within its members, such as breaches of advertising guidelines or failure to obtain No Objection Certificates (NoC) from previous auditors.