Member of ICAI raises corruption allegations against the ex- ICAI President. Central Council of the body to look into the matter and report back: Madras High Court
The Madras High Court passed a judgement on 17th of April, 2023 in which it directed the Central Council of the ICAI to look into the matter and send a report back to the petitioner. This was seen in the case of V. Venkata Siva Kumar v. Union of India (WP No.8536 of 2015) and the case was presided over by The Honourable Mr. Justice S.M. Subramaniam
FACTS OF THE CASE:
The petitioner, is a member of the Institute of Chartered Accountants of India (ICAI). He filed a writ petition requesting the court to issue a writ of mandamus directing an independent body like the Comptroller and Auditor General of India to conduct a Special Audit regarding the financial discrepancies for the period 2011 to 2015.
The respondents were represented by the Additional Solicitor General of India who contended that according to the Chartered Accountants Act, 1949, a Special Audit can be only conducted when the petitioner approaches the Competent Forum under the Act. The Controller and Auditor General cannot conduct any audit for the same as the ICAI is an autonomous body. The petitioner put forward that despite him reporting the same to the institute multiple times, no action has been taken. Thus, for reasons of transparency and accountability a special audit of this kind is required.
The learned single judge after listening to the contentions of both parties, directed that the Central Council of the ICAI will report back to the petitioner on the same. If the petitioner has issues with the set council, he would have to report it within four weeks with a detailed objection. If not, the Central Council would go ahead with their report.
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JUDGEMENT REVIEWED BY SWETA SHOUMYA