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ICAI gives Clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client

Posted on 05 January 2021

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The Institute of Chartered Accountants of India has given a clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client. It is hereby clarified that under the provisions of the Chartered Accountants Act 1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client. Read the official announcement below:

Ethical Standards Board
The Institute of Chartered Accountants of India
5th January, 2021

ANNOUNCEMENT

 

Clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client

The Institute has been receiving queries from the members as to whether Statutory Auditor of a Company can give feedback of the said Company to the Credit Rating Agencies (CRAs).

It is hereby clarified that under the provisions of Chartered Accountants Act,1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client.

The members may ensure compliance with the above. Failure to comply with the same shall result in professional misconduct in terms of the of the provisions of Chartered Accountants Act,1949 and the Code of Ethics.

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