| Case ID |
2df8cc39-f91f-4f43-bdb7-8b7dbb14d10a |
| Body |
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| Case Number |
Writ Petition No.17037 of 2009 |
| Decision Date |
Jul 06, 2010 |
| Hearing Date |
Jul 06, 2010 |
| Decision |
The Lahore High Court dismissed the petition filed by Hameed Khan & Co. against the Institute of Chartered Accountants of Pakistan (ICAP). The court found that the Quality Control Review (QCR) process undertaken by ICAP was valid and in line with the provisions of the Chartered Accountants Ordinance, 1961. The court emphasized that the professional body has a responsibility to ensure that its members maintain high standards of practice and that the decision to conduct a QCR after one year was not arbitrary or malicious. The petitioners failed to demonstrate any malice or mala fide actions on the part of the respondents, and the court declined to interfere with the Institute's decision-making process, which was deemed to be in the public interest. |
| Summary |
In the case of Hameed Khan & Co. vs. Institute of Chartered Accountants of Pakistan, the Lahore High Court addressed the issue of the Quality Control Review (QCR) process under the Chartered Accountants Ordinance of 1961. The petitioner, a firm of Chartered Accountants, contested the decision of ICAP to conduct a QCR after one year instead of the prescribed two and a half years. The court ruled that the Institute, as a professional body, acted within its regulatory powers to ensure high standards of auditing among its members. The judgment highlighted the importance of maintaining international standards in the auditing profession and upheld the Institute's right to enforce quality reviews based on identified deficiencies in the petitioner's audits. The decision serves as a precedent for the regulatory authority of professional bodies in managing compliance and quality assurance within their respective fields, emphasizing accountability and professionalism. Keywords such as Chartered Accountants, Quality Control Review, Lahore High Court, and professional standards are vital for understanding the implications of this case. |
| Court |
Lahore High Court
|
| Entities Involved |
Institute of Chartered Accountants of Pakistan
|
| Judges |
IJAZ UL AHSAN
|
| Lawyers |
Mian Muhammad Waheed Akhtar,
Anwar Kamal
|
| Petitioners |
HAMEED KHAN & CO. (CHARTERED ACCOUNTANTS)
|
| Respondents |
INSTITUTE OF CHARTERED ACCOUNTANTS OF PAKISTAN
|
| Citations |
2010 SLD 661,
2010 CLD 1550
|
| Other Citations |
Not available
|
| Laws Involved |
Chartered Accountants Ordinance, 1961
|
| Sections |
15
|