CAs' foreign tie-ups could come under ICAI scanner

CAs' foreign tie-ups could come under ICAI scanner:-

Chartered accountancy firms piggybacking their foreign partners for brand name and profile may soon have to face the music. A high-powered committee appointed by the Institute of Chartered Accountants of

India

has recommended that there should be clear terms and conditions between the Indian firm and the foreign partner regarding use of brand names. The terms and conditions should be made known to the ICAI in advance for ratification. ICAI's disciplinary council may be empowered to take action if Indian firms continue to use MNC logos, in defiance of the terms and conditions.

The report also criticised the nature of the arrangement between the firms and their foreign partners. The committee had sent letters to Indian audit firms to share information contract letters, copies of agreements and details of remittances between partners over the arrangement. The report states that some firms, especially those which have affiliations with the Big-Four, have refused to share information.

Ramesh kumar verma “freelance journalist”

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