Recent judgement of Kerala High Court restricting ICAI from misconduct proceedings against a member for undertaking tax audit assignments in excess of prescribed limit has raised questions on the whole gamut of professional ethics, misconduct & compliance entrusted to the accounting profession.
If there can not be any limit on a practising lawyer for handling any number of cases in any branch of law and for appearing before any court in India, how can there be any limit for a CA to undertake only specified number of statutory audits (company law) or tax audits ( prescribed by ICAI) or any other professional assignments?
Moreover if the judiciary is of the view that a lawyer can take up any number of cases at his free will and the interest of clients ( poor ones) can not be prejudiced or perverted, lawyer can not be held responsible in any way for the faults & crime committed by clients or their allies etc, how can an accountant who verifies the books of accounts, records n documents of his clients ( business entities) submits replies to govt authorities etc be liable to any misconduct?
Therefore in my view the government as well as judiciary must consider and make a well drafted set of regulations for all professional services like accounting, auditing, assurance, certifications, finance, corporate n business laws in the country. all lawyers, accountants, management consultants etc working in a particular area of profession or law must follow the rules of that profession or law as the case may be. All professional misconduct cases if any should be adjudicated by separate authorities created for the purpose.
In my opinion, it will pave way for professional specialization and all professionals services will benefit and rivalry among them will come down. Industry and business entities that use a diverse set of services will get cost effective and efficient services as well.