ICAI

ICAI bans Ahmedabad based CA for 2 years for misconduct of gross negligence

ICAI bans Ahmedabad based CA for  2 years for misconduct of gross negligence in performing his professional duties which was upheld by the Gujarat High Court 

The ICAI has notified the removal of the CA found guilty of misconduct from the Register of Members for a period of two years for violation falling under Part I of the Second Schedule to the Chartered Accountants Act, 1949.

It has been further clarified that during the aforesaid period he shall not practise as a Chartered Accountant in terms of the said order of the Hon’ble High Court of Gujarat.

Earlier Hon’ble High Court of Gujarat [ABCAUS  2118 (2017) (11) HC] has upheld the decision of the ICAI holding the CA guilty of professional misconduct. 

In the instant case, the firm of the Chartered Accountant was allotted the audit of a Cooperative Bank (‘Bank’) by the Registrar of Societies.

Subsequently, due to a scam unearthed at the bank, the Registrar carried out a re-audit of the Bank for. Based on the re-audit Report, the Registrar found that the respondent CA had neither disclosed nor reported serious irregularities in the accounts of the Bank and that the respondent CA had failed to disclose material mis-statements which were not disclosed also in the financial statement of the Bank though they were known to him.

According to the Report, the respondent CA had shown gross negligence in performing his professional duties and had failed to obtain sufficient information to warrant the expression of opinion. The Registrar was also of the opinion that the respondent CA had failed to invite the attention to material departures from the generally accepted procedure of audit applicable to the Banks.

Read the ICAI Notification for removal Click Here >>

Share

Recent Posts

  • Income Tax

AO can’t take two different stands on immunity u/s 270AA(2) for a same transaction

Immunity u/s 270AA(2) in respect of a single transaction can not be denied to one assessee when the penalty was…

16 minutes ago
  • Income Tax

ITAT held 2000 gram jewellery reasonable in view of customary practices & CBDT Instruction

ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court…

18 hours ago
  • Income Tax

Documents obtained post search & information obtained from public domain not incriminating material

Documents obtained post search and information obtained from the public domain not incriminating material. Documents obtained by AO post search…

2 days ago
  • Income Tax

No second reopening for unexplained credits in bank due to bank’s name change

Information of deposits in bank did not constitute fresh information necessitating second reopening due to change in bank name In…

2 days ago
  • Empanelment

FDCM invites application for empanelment of practising CAs/ Chartered Accountant Firms

Invitation For Empanelment Of Practising Chartered Accountants / Chartered Accountant Firms Forest Development Corporation of Maharashtra Limited (FDCM Limited), Nagpur,…

1 week ago
  • Empanelment

PGRI invites application for CAs for empanelment for Circulation Verification work

Press Registrar General of India (PGRI) invites application for empanelment of Chartered Accountants. The Press Registrar General of India manages…

1 week ago