Chartered accountants drag Cost accountants to Court
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Chartered accountants have dragged charging the latter with trying to 'misrepresent' themselves as chartered accountants, and attempting to misappropriate the reputed acronym ICAI (Institute of Chartered Accountants in India).
Justice M Sathyanarayanan, before whom the writ petition filed by a practicing chartered accountant M Venkata Siva Kumar of Chennai came up for hearing on Wednesday, has issued notice, returnable in two weeks.
Venkata Siva Kumar, arguing the case in person, wanted the court to direct cost accountants to strictly comply with Section 2(2) of Cost and Works Accountants Act, 1959, and desist from encroaching into the domains earmarked for chartered accountants. Cost accountants shall use an acronym ICOAI instead of ICAI, which belongs to chartered accountants, as per a Supreme Court judgment in the Satyam Vs Sifynet case, he said.
ICAI has achieved excellence over the years in what? Will the Institute clarify its stand about the role o auditors in shell companies?????
"Cost accountants, using their clout, are trying their best to include them in the definition of auditors in various central and state legislations so as to claim right to do services that are being rendered by chartered accountants now," he said in his petition.
ICAI, over the years, has achieved excellence and is recognized all over the world, he said, adding that cost accountants were encroaching into the domains specifically earmarked for chartered accountants. #casansaar (Times of India)
Justice M Sathyanarayanan, before whom the writ petition filed by a practicing chartered accountant M Venkata Siva Kumar of Chennai came up for hearing on Wednesday, has issued notice, returnable in two weeks.
Venkata Siva Kumar, arguing the case in person, wanted the court to direct cost accountants to strictly comply with Section 2(2) of Cost and Works Accountants Act, 1959, and desist from encroaching into the domains earmarked for chartered accountants. Cost accountants shall use an acronym ICOAI instead of ICAI, which belongs to chartered accountants, as per a Supreme Court judgment in the Satyam Vs Sifynet case, he said.
ICAI has achieved excellence over the years in what? Will the Institute clarify its stand about the role o auditors in shell companies?????
"Cost accountants, using their clout, are trying their best to include them in the definition of auditors in various central and state legislations so as to claim right to do services that are being rendered by chartered accountants now," he said in his petition.
ICAI, over the years, has achieved excellence and is recognized all over the world, he said, adding that cost accountants were encroaching into the domains specifically earmarked for chartered accountants. #casansaar (Times of India)
Category : Chartered Accountant | Comments : 1 | Hits : 3870
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bskrao
02-Sep-2016 , 02:27:09 amBooks of Accounts of ICAI are audited by its own members U/s 18(5) of ICAI Act, How far this is correct ? 1. Lot of irregularity, mischief, corrupt & fraudulent practice of ICAI has come to light recently. This is all because of supremacy over audit given to ICAI in all Indian statute. Hence, Section 18(5) of The Chartered Accountants Act, 1949 require amendment, so that accounts of ICAI sho