NFRA to take disciplinary action against CAs CS CMA. High Level Committee to suggest disciplinary systems revamp for professionals.
On Chartered Accountants Day on 1st July, 2017, PM Narendra Modi had pointed out ICAI’s poor track record on the disciplinary front, stating that during the last 11 years, only 25 CAs had been prosecuted. It was reported that Modi lamented the pendency of more than 1,400 disciplinary cases with ICAI and termed it as a matter of serious concern.
Now, Ministry of Corporate Affairs (MCA) in a press release issued today has stated that actions are initiated against Professionals guilty of fraud and all complaints against them are being reviewed. A High Level Committee (HLC) has been constituted for suggesting revamp of the disciplinary systems of Chartered Accountants (CAs), Company Secretaries (CSs) and Cost Accountants (CMAs).
Also, it has been stated that steps are underway for setting-up National Financial Reporting Authority (NFRA), an independent body to test check Financial Statements, prescribe Accounting Standards and take disciplinary action against said errant professionals.
Kindly participate in the following Poll and retweet, share and like the poll to elicit more and more views
Section 148 of Income Tax Act after 01.04.2021, does not even require recording reason to believe. In a recent judgment,…
Income Tax Department, Lucknow is hiring Young Professional for assisting the Departmental Officers posted in various benches of ITAT, Lucknow…
Burden of proof is on assessee to adduce cogent evidence that land sold was an agricultural land – Supreme Court…
Civil Court decreed refund of security deposit of VAT era as in GST Regime there is no requirement of security…
Pursuing remedy through rectification application u/s 154 within time, is a reasonable cause for condonation of delay in filing of…
ITAT allows depreciation on highway project awarded on DBOT basis In a recent judgment, ITAT Delhi allows depreciation on highway…