audit of accounts of professional bodies in india

B.S.K.RAO, B.Com, LL.B, MICA, Tel : 08182-227830 (O) Auditor & Tax Advocate 0-9035089036 (M) [email protected] BDKRAO, Beside SBI, Tilak Nagar Shimoga-577 201, KARNATAKA July 24, 2016 To, Sri.Narendra Damodaradas Modi, Hon’ble Prime Minister of India, # 7, Race Course Road, New Delhi-110001. Hon’ble Sir, Sub: Prayer to amend statute book of professional bodies ICAI, ICWAI, ICSI & Bar Council to have their accounts audited by The Comptroller and Auditor General (CAG) of India under Article 149 of Indian Constitution, which is in the interest of Public at large - Regarding

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1. Lot of irregularity, mischief, corrupt & fraudulent practice of ICAI has come to light till date (See Exhibit-1). This is all because of supremacy over audit given to ICAI in all Indian statute. Therefore, it is prayed to amend Section 18(5) of The Chartered Accountants Act, 1949, so that accounts of ICAI should be audited by The Comptroller and Auditor General (CAG) of India under Article 149 of Indian Constitution (See Exhibit-2). As The Institute of Chartered Accountants of India is collecting huge funds from various modes, which are being misused regularly, the above suggested amendment is the need of the hour. 2. Similar amendment should be brought in Section 18(5) of Cost and Works Accountants Act, 1959, Section 18(5) of The Company Secretaries Act, 1980 & Section 12(2) of Advocates Act, 1961 (Bar Council). To sum-up all the professional bodies passed by Acts of Parliaments should have their accounts audited by The Comptroller and Auditor General (CAG) of India under Article 149 of Indian Constitution to have transparency in functioning of such professional bodies. (CAG is the Supreme Authority for Audit under Article 148 of Indian Constitution). 3. You will find similar clause in Section 10(2) of proposed Legal Practitioners (Regulations & Maintenance of Standards in Professions, Protecting the Interest of Clients and Promoting the Rule of Law) Act, 2010 published in Ministry of Law & Justice website. Hats off to persons involved in drafting this bill. (See Exhibit-3) I hope learned officials under the governance of Modi Govt. will consider this genuine prayer which is in the interest of our nation & initiate amendment proceedings in the respective statute books at an early date. With Respects, Yours faithfully, Encl:- Exhibit-1, 2 & 3

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