Delhi HC: If One Member is Not Responsible for the Violation, ICAI may Proceed Against the Full Firm

It was ruled by the High Court that the profession of Chartered Accountancy forms an important part of the economy of a country. Chartered Accountant stops the issues that come around accounting by doing effective audits and continuous supervision of their clients.

CAs properly instruct both proper maintenance of accounts as well as management and planning. If there is any omission in the release of duties can lead to large-scale losses and financial fraud. There has been a responsibility of a CA for their clients and also to ensure in the process of generating their services, that there is compliance with the law.

The mentioned profession indeed has an obligation to the country as indeed to the economy as a whole. Therefore the statute of the CA profession by building the Regulatory body like the ICAI Guidelines is a crucial feature of the said profession itself.

The effective procedure for the objective of ensuring that no issue is there is important to maintain the strength and integrity if the firms are allowed to merely pin down one single individual concerning the alleged misconduct functioning over decades, the objective of the whole act and the rules shall be defeated.

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As a result, there will be a Requirement For-