Regulatory Bodies: ICAI vs BCI

1. The Institute of Chartered Accountants of India (ICAI)

• Founded under the Chartered Accountants Act, 1949.
• Responsible for the education, licensing, disciplinary proceedings and professional standards of CAs.
• Operated under the administrative control of the Ministry of Corporate Affairs.

2. The Bar Council of India (BCI)

• Established under the Advocates Act, 1961.
• Regulates the legal profession and legal education in the country.
• Works independently through State Bar Councils.

Code of Conduct

Institute of Chartered Accountants of India (ICAI) principles for CA

• Focuses upon integrity, confidentiality, professional behaviour, and objectivity.
• Enforces discipline via the Disciplinary Directorate, Board of Discipline, and Disciplinary Committee.

Restricts from:

• Solicitation and advertising.
• Accepting projects without communicating with the initial auditor.
• Sharing of fees with non-members.

BCI Ethics for Advocates

• Listed in Chapter 2 of part 6 of the BCI Rules.
• Advocates are obligated to be dutiful towards the court, opponent, client, and society.
• State Bar Councils handle disciplinary matters.

Major Provisions:

• Act fearlessly and independently in the best interest of the client.
• Obligated to maintain the client’s confidentiality.
• Allowed to say no to a case unless it’s required under legal aid obligations.

Fee-Related Regulations

ICAI for CA:

• ICAI doesn’t provide a fixed fee structure, but it expects CAs to charge reasonably and in a justifiable manner.
• Professional misconduct also accounts for charging fees based on a percentage of profit.
• Must maintain transparency and can’t treat clients according to fee-based comparisons.

BCI for Advocates:

• No limits are imposed on the fees charged by advocates.
• Advocates are allowed to set their own fees, which can depend on factors such as experience, seniority, and the nature of the matter/case.
• In civil cases, contingent fees are not allowed, as they are accounted as against public policy.

Table of Comparison