(1)Under the provisions of Pubic Accountants' Default Act, 1850(a)every public accountant shall give security for the due discharge of the trusts of his office;(b)the security shall be such as shall be required by the authority by which such public accountant is appointed to his office;(c)a public accountant means any person who is entrusted with the receipt, custody or control of any moneys, or securities for money; and(d)any public accountant and his sureties may be proceeded against for any loss or defalcation in his accounts.
