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12:06 pm - Tuesday November 21, 2017

No ‘clean chit’ given to auditors related to Mallya’s case, says ICAI president

reddy

Agencies, Ahmedabad

President of the Institute of Chartered Accountants of India (ICAI) M Devraj Reddy today categorically said that so far no ‘clean chit’ has been given to the auditors related to the industrialist Vijay Mallya’s default case. Addressing a press conference here, Mr Reddy said though no fault has been found with the auditors so far yet it can’t be said that they have got the clean chit from us.

“It is the responsibility of the bankers to decide about a loan. So far our view is that the auditors have done right thing. But the Financial Reporting Review Board (FRRB) of ICAI is conducting a probe in to it. In two months time its findings will come out and if an iota of doubt about the auditors role is expressed, appropriate action will be taken by our disciplinary committee,” he said. Mr Reddy said that the institute has a very robust system to deal with any breach of the tenets of the ‘pious’ profession of chartered accountancy.

“We have provision of removal of membership and even a single day of such punishment meant a lot,” the ICAI president said. On the recent Panama paper leaks, he said that to effectively check the illegal monetary transactions, the Government should start the process of upgrade of chartered accountants with over 15 years professional experience for induction in to the IAS or IRS services on the lines of appointment of judges out of experienced advocates. Adding, the expert CA as an administrative officer would be very effective rather than the IAS or IRS officer with stints of small training.

Mr Reddy also said that the syllabus of CA course will change from May next year. “Currently the changed syllabus is under consideration of the Ministry of Law and Justice and will go for public exposure in 10 days. After that it will again be sent back to the ministry and by May next year it will in all likelihood come to effect.

The minimum educational qualification for its basic course will also be changed to 12 th from current 10 th with the changed pattern of the test to included 200 marks subjective and equal weighted objective part (total 400 marks test) instead of the current 200 marks objective one,’ he asserted.

The ICAI president also said that with in a decade of time the demand for qualified CA’s will increase exponentially. Mr Reddy also said that he feels that the ‘Make in India’ and ease of doing business initiatives have moved the Indian economy forward. ‘ ‘’The results will take some time to be visible as many of the investments are in sectors which take time to yield results,” he said.

Posted in: Business

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