CODE OF CONDUCT & QUALITY CONTROL
All Partners and qualified Chartered Accountants in employment are bound by the Code of Conduct and Ethical Practices as specified by the Chartered Accountants Act, 1949 and the guidelines and rules issued by the Institute of Chartered Accountants of India, from time to time.
S. A. Limaye & Co. also takes separate undertakings from every staff on maintaining client confidentiality and prevention of insider trading.
S. A. Limaye & Co. is subjected to quality check by the Institute of Chartered Accountants of India (ICAI) in the form of Peer Review undertaken as per its guidelines issued from time to time.
These guidelines require the member firms to comply with:
- Technical standards issued by ICAI.
- Ensure quality of reporting.
- Have adequate office systems and procedures in place
- Ensure adequate training programs for staff.
Only those firms which have been cleared by ICAI following its Peer Review are permitted to undertake external audits (statutory audits) of listed companies in India.
The Institute of Chartered Accountants of India (ICAI”) has been constituted under the Chartered Accountants Act, 1949 (The Act) for discharging the functions assigned to the Institute under the Act. Section 15 of the Act provides that “the duties of carrying out the provisions of this Act shall be vested in the Council” and enumerates various duties of the Council. With a view to regulate the profession of Chartered Accountants and in terms of the powers vested, the Council is thus authorized to issue this statement on Peer Review. This Statement serves as a mechanism intended to further enhance the quality of professional work of practicing Chartered Accountants over a period of time, thereby ensuring that the profession of chartered accountants continues to serve the society in the manner envisaged.
The main objective of Peer Review is to ensure that in carrying out their professional attestation services’ assignments, the members of the Institute
(a) comply with the Technical Standards laid down by the Institute and
(b) have in place proper systems (including documentation systems) for maintaining the quality of the attestation services work they perform.
Thus Peer Review is meant for the purpose of enhancing quality of professional work, transparency in technical standards used, world class procedures and techniques resulting into more reliable and useful audit and reports and it has no relationship whatsoever with any disciplinary or any other regulatory mechanism. The review begins with the assumption that professionals discharge their responsibilities properly and the aim of review is to enhance those attributes of professionalism that serve to keep the profession of chartered accountancy in India in the forefront of the accounting and auditing profession in the world.
As an additional Quality Assurance, the firm has voluntarily introduced an External Quality Assessment to be done on continuing basis.
The firm is also compliant with the Standard on Quality Control (SQC) and has appointed Mr. S. A. Limaye as the ensuing persons for the respective leadership responsibilities: