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Conflict of interest knocks ICAI body off IL&FS account-recast plan

Legal opinion obtained by the corporate affairs ministry suggested that the institute’s move to take disciplinary action against IL&FS auditors would clash with its role in overseeing the reopening and recasting of accounts of the troubled infrastructure giant.
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nsundareshasubramanian
8 Jul 2019 5 Mins Read 0 comment
Several publications were released by the MCA secretary Injeti Srinivas, ICAI president Prafulla Chhajed, and vice-president Atul Gupta on July 1, 2019; courtesy of ICAI via Twitter
Several publications were released by the MCA secretary Injeti Srinivas, ICAI president Prafulla Chhajed, and vice-president Atul Gupta on July 1, 2019; courtesy of ICAI via Twitter
The dreaded ‘C phrase’ has come back to haunt the Institute of Chartered Accountants of India (ICAI). Barely four months after the institute’s Accounting Research Foundation (ARF) bagged the ‘prestigious’ assignment of overseeing the reopening and recasting of IL&FS group firms’ accounts, the new management of the troubled infrastructure giant has withdrawn the task citing “conflict of interest”. The
the public? There are a lot of firms on the CAG panel. What are the criteria on which these firms were picked?” An e-mail sent on June 21 to the ICAI president and the institute's spokesperson seeking comments on the reopening mandate being withdrawn from ARF by IL&FS did not elicit any response. ( Graphic by Sadhana Saxena)
The dreaded ‘C phrase’ has come back to haunt the Institute of Chartered Accountants of India (ICAI). Barely four months after the institute’s Accounting Research Foundation (ARF) bagged the ‘prestigious’ assignment of overseeing the reopening and recasting of IL&FS group firms’ accounts, the new management of the troubled infrastructure giant has withdrawn the task citing “conflict of interest”. The the public? There are a lot of firms on the CAG panel. What are the criteria on which these firms were picked?” An e-mail sent on June 21 to the ICAI president and the institute's spokesperson seeking comments on the reopening mandate being withdrawn from ARF by IL&FS did not elicit any response. ( Graphic by Sadhana Saxena)

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