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The Institute of Chartered Accountants of India (ICAI) has made a decisive move, passing an order against auditing powerhouse EYs three affiliates and a retired partner, alongside disciplinary action against S V Ghatalia Associates, LLP, and its partner for professional misconduct. In its recent order dated April 25, the ICAIs disciplinary committee directed the implicated firms and individuals to immediately cease their existing arrangements with multinational entities. This action comes as
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FAQ :
The Institute of Chartered Accountants of India (ICAI) has taken action against EY affiliates and a retired partner.
The ICAI found that the arrangements between the implicated firms/individuals and multinational entities were circumventing the provisions of the Chartered Accountants Act, 1949, constituting professional misconduct.
The targeted EY affiliates include S R Batliboi & Associates, LLP; SRBC & Co, LLP; and S R Batliboi & Co LLP.
Penalties include the removal of names from the ICAI's register of members for three years and a fine of Rs 5 lakh for each case for individuals like Raj Kumar Agrawal and Tridibes Basu.
Practices such as joining international entities, engaging in referral work, using visiting cards and email IDs associated with multinational entities, and seeking to influence clients through affiliation were highlighted as professional misconduct.
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