Code of Ethics, 2009

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To update the Code, the Committee has incorporated very nicely all the decisions of the Council on Ethical issues as well as the decisions on disciplinary cases. I wish to place on record my deep appreciation & compliment for Shri Abhijit Bandyopadhyay, Chairman, Committee on Ethical Standards & Unjustified Removal of Auditors and its other members. I appreciate the efforts & contribution of Dr. Alok Ray, Secretary to the Committee and the officials of Institute for this commendable job. I have no doubt that this publication will make our members more confident and comfortable to carry out their professional jobs in this new worldorder. NEW DELHI SUNIL GOYAL 21 st January, 2005 President iv
FOREWORD TO THE NINTH EDITION The maintenance of ethical standards is the collective concern of the Institute as well as all members of the profession. The ideal situation, of course, would be that the maintenance of ethical standards at individual member level is so self-evident that its further mention need not be made. However, the human nature being what it is, a man may often place his personal gain above service. Therefore, it is necessary to keep on reinforcing the idea of keeping up and observing the highest ethical standards repeatedly. With this end in view and also keeping in mind the need to adhere to our creed “Excellence, Independence and Integrity”, it is a pleasure to release this publication with the new title “Code of Ethics” as decided by the Council. These values of profession need to be further institutionalised and globalised. Therefore, the Council of the Institute has recently permitted the members of the Institute to post their particulars on the Website. The detailed guidelines are contained in the new publication. I am confident that the members of the profession, in general and the younger members in particular would definitely strive hard in the interest of upholding the professional image in the years to come and also to reduce the expectation gap. In bringing out this publication, the Committee on Ethical Standards & Unjustified Removal of Auditors (CESURA) and Council held various long meetings. All the members of CESURA, particularly its Chairmen, Shri A.K. Chakraborty, Shri N.K. Gupta, Shri A.C. Shah, Shri S.C. Bhadra and some of its other members, namely Shri P.N. Shah, Shri A.H. Dalal, Shri S.P. Chhajed, Shri G. Sitharaman (also past-Presidents) and Shri Ashok Chandak (now Vice-President) have been very active in giving their valuable inputs and very useful and educative suggestions. Shri Chandak’s interpretation of complicated legal aspects of the subject facilitated the work of the Committee and the Council and was highly appreciated. Shri Bhadra’s continuous impetus in completing the task led the publication to its finality. The Secretariat of CESURA headed by Shri G.D. Khurana who is Secretary of the Committee and possessing long experience in Disciplinary, Ethical and Legal matters of the Institute and his colleague Shri Neeraj Srivastava, Assistant Secretary need to be specifically mentioned as they have contributed a lot in facilitating the completion of updating the publication by, inter alia, summarising and placing at appropriate places the various decisions of the Council and Judgements of Courts etc. v
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47 CODE OF ETHICS the audit, or (b)
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49 CODE OF ETHICS mortgages, bank o
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51 CODE OF ETHICS (c) The interest
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53 CODE OF ETHICS The significance
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55 CODE OF ETHICS may create self-i
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59 CODE OF ETHICS 290.151 When a fi
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61 CODE OF ETHICS an entity provide
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63 CODE OF ETHICS assurance service
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65 CODE OF ETHICS firm. This notion
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67 CODE OF ETHICS compliance, plann
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69 CODE OF ETHICS safeguards should
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71 CODE OF ETHICS 290.186 There is
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73 CODE OF ETHICS could reduce the
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Pricing 75 CODE OF ETHICS 290.196 W
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CHAPTER 3 77 CODE OF ETHICS PROFESS
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79 CODE OF ETHICS accountant in ser
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Section 310 Potential Conflicts 81
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83 CODE OF ETHICS (c) Represents th
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Section 340 Financial Interests 85
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87 CODE OF ETHICS behaviour or obta
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(d) Assurance engagement (e) Assura
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(k) Engagement quality control revi
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(t) Indirect financial Interest 93
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PART-B CHAPTER 4 95 CODE OF ETHICS
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97 CODE OF ETHICS Practices’ 4 is
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99 CODE OF ETHICS unless otherwise
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101 CODE OF ETHICS (3C) For the pur
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103 CODE OF ETHICS (iii) renders pr
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105 CODE OF ETHICS (c) Advice regar
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107 CODE OF ETHICS income-tax pract
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109 CODE OF ETHICS (v) If he has be
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111 CODE OF ETHICS Second Schedule
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113 CODE OF ETHICS Where a paid ass
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115 CODE OF ETHICS (Sri Gopal Shukl
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117 CODE OF ETHICS benefits. The Re
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119 CODE OF ETHICS of "Other miscon
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121 CODE OF ETHICS Council held him
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5.12 Maintenance of Branch Offices
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125 CODE OF ETHICS (P.N. Mehta in R
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127 CODE OF ETHICS retired partner
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129 CODE OF ETHICS Institute’s pe
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131 CODE OF ETHICS another person w
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133 CODE OF ETHICS Provided that un
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135 CODE OF ETHICS Subramanian (25-
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137 CODE OF ETHICS (ii) A member ma
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139 CODE OF ETHICS inauguration of
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Partners Name 141 CODE OF ETHICS or
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143 CODE OF ETHICS action will be i
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145 CODE OF ETHICS But the person,
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147 CODE OF ETHICS A member was fou
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149 CODE OF ETHICS has been found w
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151 CODE OF ETHICS Companies Act ha
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153 CODE OF ETHICS Disciplinary Cas
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155 CODE OF ETHICS members shall, h
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157 CODE OF ETHICS such cases. What
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159 CODE OF ETHICS to the firm name
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161 CODE OF ETHICS himself as Presi
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163 CODE OF ETHICS Clause (8): acce
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165 CODE OF ETHICS a wish not to co
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167 CODE OF ETHICS “audit” is t
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169 CODE OF ETHICS the previous aud
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171 CODE OF ETHICS A member sent
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173 CODE OF ETHICS (M.S. Padmanabha
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175 CODE OF ETHICS (Kamlesh K. Agar
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177 CODE OF ETHICS the meaning of C
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179 CODE OF ETHICS Disciplinary Cas
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181 CODE OF ETHICS (S.K. Seth of M/
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183 CODE OF ETHICS (J.R. Shah of M/
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185 CODE OF ETHICS Second Schedule
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187 CODE OF ETHICS of: (a) professi
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189 CODE OF ETHICS 3. It may be cla
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191 CODE OF ETHICS such vacancy can
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193 CODE OF ETHICS verify the relev
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195 CODE OF ETHICS members by post,
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197 CODE OF ETHICS resignation or n
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199 CODE OF ETHICS compliance with
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201 CODE OF ETHICS communicating wi
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203 CODE OF ETHICS attitude of the
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205 CODE OF ETHICS 21(4) of Discipl
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207 CODE OF ETHICS (b) professional
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209 CODE OF ETHICS (b) guilty withi
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211 CODE OF ETHICS or result is obt
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213 CODE OF ETHICS and Articles of
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215 CODE OF ETHICS the Chartered Ac
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217 CODE OF ETHICS Vol.VII(2) of Di
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219 CODE OF ETHICS years. Held that
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221 CODE OF ETHICS apart from holdi
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223 CODE OF ETHICS meaning of Claus
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225 CODE OF ETHICS that the Respond
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PART II OF THE FIRST SCHEDULE 227 C
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PART IV OF THE FIRST SCHEDULE 229 C
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231 CODE OF ETHICS consenting to su
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233 CODE OF ETHICS between the clie
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235 CODE OF ETHICS issue of the Ins
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237 CODE OF ETHICS Where the joint
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241 CODE OF ETHICS Companies (Branc
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243 CODE OF ETHICS An accountant is
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245 CODE OF ETHICS may not be mater
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247 CODE OF ETHICS (Deputy General
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249 CODE OF ETHICS already prepared
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251 CODE OF ETHICS Clause (7): does
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253 CODE OF ETHICS Where a Chartere
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255 CODE OF ETHICS investment in th
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257 CODE OF ETHICS assume that thos
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263 CODE OF ETHICS committed the fo
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265 CODE OF ETHICS The opening and
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267 CODE OF ETHICS been granted whe
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269 CODE OF ETHICS Subsequently it
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271 CODE OF ETHICS documents on rec
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273 CODE OF ETHICS and (8) of Part
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275 CODE OF ETHICS generally accept
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277 CODE OF ETHICS misconduct under
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279 CODE OF ETHICS Company under Se
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281 CODE OF ETHICS (Thampy Mathews,
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283 CODE OF ETHICS require the audi
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285 CODE OF ETHICS (M.S. Ramanathan
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287 CODE OF ETHICS member may be en
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289 CODE OF ETHICS (S. Seshadri vs.
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297 CODE OF ETHICS H.S. Venkata Rao
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299 CODE OF ETHICS The following ca
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303 CODE OF ETHICS (1) of Part III
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305 CODE OF ETHICS mention anything
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307 CODE OF ETHICS the above said a
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CHAPTER 6 COUNCIL GUIDELINES (A) GU
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(B) COUNCIL GENERAL GUIDELINES, 200
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317 CODE OF ETHICS Chapter VII Appo
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319 CODE OF ETHICS firm shall not b
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321 CODE OF ETHICS Chapter XII Mini
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323 CODE OF ETHICS 4. No.1-CA (44)/
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325 CODE OF ETHICS 7.4 Ratio Betwee
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Note: (c) Investigation, Management
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APPENDIX ‘B’ (Please refer to p
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331 CODE OF ETHICS have completed s
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333 CODE OF ETHICS and has passed t
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335 CODE OF ETHICS 5. The Institute
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337 CODE OF ETHICS Committees or as
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339 CODE OF ETHICS 7. The visiting
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341 CODE OF ETHICS obligatory on th
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343 CODE OF ETHICS Board after cons
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APPENDIX ‘F’ (Please refer to p
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347 CODE OF ETHICS profits) carryin
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349 CODE OF ETHICS (k) Acting as Re
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Clause (4) Assistant Director of In
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Jethanand Sharda vs. Deepak Mehta
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Ram Parshad Handa & Hari Krishan Kh
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H.R. Shetty in Re. … 243 Promila
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Secretary, Institution of Military
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P.L.Tapdiya in Re. … 297 Prakash
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363 CODE OF ETHICS Debenture trust
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Publication of name … 137, 155 Qu
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