The Madras High Court has issued a notice order in the respect of the Union Ministry of Corporate Affairs and the Institute of Chartered Accountant of India, on a request by a Chartered Accountant that is reported against the activities of the Institute of Chartered Accountant of India (ICAI).
Where, the V Venkata Siva Kumar has made a request to the Justic T S Sivagnanam, as a senior chartered accountant looking for a special audit by CAG on the finance of ICAI, ordered the notices.
The V Venkata Siva Kumar submitted that the president of ICAI does not have independent members and auditors. “Financial scams in the operation are not being brought to the notice of members for corrective action, resulting in a steady erosion in the image of the institution”, the Kumar submitted.
The Kumar has also accused several instances that the Institute of Chartered Accountant of India creating fear among the members of ICAI. “ The instances are only the tip of an iceberg and more can come to light if an independent inquiry is ordered. ” The Kumar submitted to the disciplinary jurisdiction.
He also accused that the money (in crores ) from several land deals and other sources have not been properly accounted by ICAI.
Sources- http://www.casansaar.com/news-ICAI/HC-ordered-notice-to-ICAI-Union-Ministry-of-Corporate-Affairs/6682.html
