As a part of ICAI’s continuous drive to uphold the credibility, integrity and image of the accountancy profession in India, the regulatory mechanism of ICAI is working assiduously. Disciplinary Directorate of ICAI has been taking disciplinary action against its errant members as per the provisions of the Chartered Accountants (Amendment) Act, 2006 and Rules framed there under. CA.K.Raghu, President, ICAI said ” In the wake of Satyam scam, disciplinary action was initiated against the concerned Statutory Auditors including audit incharge(s), then CFO of the Company and Head of Internal Audit Department. After completion of enquiry against the aforesaid persons, the Disciplinary Committee having found them guilty of professional misconduct has awarded the maximum punishment of removal of their name(s) from the Register of Members permanently and also imposed a fine of Rs. 5 lakh each on them. The Appellate Authority constituted under Section 22A of the Chartered Accountants (Amendments) Act, 2006 in all cases, except one case which is yet to be heard by the said Authority, has also upheld the decision of the Disciplinary Committee of ICAI.
Source : ICAI Press release