ICAI all set to unveil code of conduct

The Institute of Chartered Accountants of India (ICAI), for the first time, is all set to introduce special code of conduct and ethics for all its elected representatives and council members.

Although ICAI has a set of code for its general members, this new code would be applicable only to elected representatives, council members, and branch managing committees.

The code has recently been examined and passed by the Committee of Ethical Standards and Unjustified Removal of Auditors (Cesura). It will shortly be placed at the ICAI Council which meets next month.

Abhijit Bandopadhyay, chairman, Cesura while talking to Business Standard said that the code was likely to be implemented either by the end of the current year or early next year.

There are six guiding principles to the code which are integrity, objectivity, transparency, accountability, leadership, and independence of auditors and each elected member will now have to take an oath.

"There exists a code for all members but because council members are leaders and trustees of the entire CA profession we want them to conduct themselves in exemplary manners to ensure public confidence as well as trust of the electorate towards this regulatory body," he explained.