Accounting regulator Institute of Chartered Accountants of India (ICAI), today said it is seeking power to take action against erring firms.
"As per the Act, the institute can take disciplinary action against our members but not against other firms. It is becoming extremely important to curb ill practises. So, for the first time, the ICAI has decided to recommend the Union government that power to act against firm be given to the institute after necessary amendments in the Act," ICAI President Amarjit Chopra told reporters on the sidelines of an an event here.
"We want more powers to ensure that big corporate scandals do not occur in future. In cases where firms are committing objectionable deeds, the power will prove helpful."
Chopra said that on its website the institute has also made available the list of 123 members who were found guilty by its committee that looks into disciplinary-related issues.
"We want our profession unspoiled and transparent hence the institute has made available the list on the website. This is also the first of its kind initiative taken by the institute," Chopra claimed.
ICAI Central Council Member Anuj Goyal, ICAI Chairman- Jaipur Branch C L Yadav and other members were also present at the event.