The Institute of Chartered Accountants of India (ICAI) has a robust disciplinary mechanism in place to address complaints against its members. The disciplinary committees of the ICAI conclude an average of 300 to 400 cases each year.
ICAI President Ranjeet Kumar Agarwal emphasized that the institute takes all complaints seriously and the disciplinary committees make decisions based on their wisdom. He declined to comment on specific cases, such as the recent orders against three affiliates of auditing major EY and a retired partner for professional misconduct.
Agarwal explained that the disciplinary committee is a separate body that handles these proceedings and the ICAI president does not have the authority to comment on their decisions. He added that such decisions have been made in the past, but they are now gaining more attention because they are being published on the ICAI website.
The ICAI is the apex body for Chartered Accountants in India and is responsible for regulating and developing the profession. It regulates over 16 lakh companies registered on the RoC portal and also handles member-to-member professional misconduct cases.