In terms of the provisions of Section 21B3 of the Chartered Accountants Act,

## Report on Notification Regarding Disciplinary Action Against Chartered Accountant Deepak Kedia **1. Executive Summary:** This report analyzes a notification issued by the Institute of Chartered Accountants of India (ICAI) regarding disciplinary action against CA. Deepak Kedia. The notification pertains to professional misconduct related to exceeding the stipulated number of audits and subsequent failure to pay the imposed fine. As a result, CA. Kedia's name has been removed from the Register of Members for one month, effective January 11, 2022. This report provides an overview of the notification, its background, key provisions, target audience, implementation aspects, and expected outcomes. This report is created for stakeholders within the Chartered Accountancy Industry to inform them of changes in accepted norms. **2. Introduction:** This report aims to provide a comprehensive analysis of the notification issued by the ICAI regarding disciplinary action against CA. Deepak Kedia, based solely on the information provided in the document. The report outlines the core elements of the notification, including the reasons for the action, the penalty imposed, and the implications for the affected individual and the broader accounting profession. **3. Policy Overview:** This notification represents an enforcement action under the Chartered Accountants Act, 1949, and related regulations. The core objective, as inferred from the text, is to maintain professional conduct and adherence to prescribed guidelines regarding the number of audits a Chartered Accountant can undertake. The overall goal being the regulatory framework for the Chartered Accountancy Industry in India. **4. Background and Rationale:** This notification details the result of disciplinary procedures, meaning that this is not a "new policy" and that disciplinary measures were taken, resulting in this notification. The notification is the culmination of a finding that CA. Deepak Kedia violated the audit guidelines, was fined, and failed to pay the fine within the allotted time. The amendment addresses the failure of a CA to comply with a disciplinary order (payment of a fine) and ensures enforcement through temporary removal from the Register of Members. **5. Key Provisions / Changes:** This notification is **not** a new policy, but details the enforcement of already existing policy. As such, there are no changes. However, this notification details the *implementation* of existing regulations that: * CA. Deepak Kedia was found guilty of Professional Misconduct related to conducting excess audits (Clause 1 of Part II of Second Schedule to the Chartered Accountants Act, 1949). * A fine of Rs. 4,72,000 was imposed, payable within 3 months. * Failure to pay the fine would result in removal from the Register of Members for one month. * Since the fine was not paid, CA. Deepak Kedia's name is removed from the Register of Members for the period January 11, 2022. **6. Target Audience and Stakeholders:** The direct target audience is CA. Deepak Kedia. Broader stakeholders include: * The Institute of Chartered Accountants of India (ICAI). * Members of the ICAI (Chartered Accountants). * Clients of Chartered Accountants. * Regulatory bodies overseeing the accounting profession. * The general public relying on the integrity of the accounting profession. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Disciplinary Committee of the ICAI and the Secretary of the ICAI are responsible for implementing this action. The Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi110064 and Published by the Controller of Publications, Delhi110054, were responsible for printing and publishing the notification. * **Timelines:** The notification specifies that the removal is effective from January 11, 2022, and lasts for one month. * **Procedures:** The action follows procedures outlined in Section 20 of the Chartered Accountants Act, 1949, and Regulation 18 of the Chartered Accountants Regulations, 1988. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of the removal from the Register of Members is to: * Enforce compliance with disciplinary orders issued by the ICAI. * Deter similar misconduct by other Chartered Accountants. * Maintain the integrity and credibility of the Chartered Accountancy profession. * Increase public confidence in the regulatory oversight of the profession. **9. Conclusion:** The notification regarding the disciplinary action against CA. Deepak Kedia underscores the ICAI's commitment to upholding professional standards and enforcing its regulations. The temporary removal from the Register of Members serves as a sanction for non-compliance with disciplinary orders and reinforces the importance of adhering to audit guidelines and ethical conduct within the Chartered Accountancy profession. The notification provides valuable information for Chartered Accountants and other stakeholders in the industry, highlighting the consequences of professional misconduct and the importance of regulatory compliance.

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