Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: cpt :: list of goods taxed at 4% :: form 3cd :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: due date for vat payment :: VAT RATES :: articles on VAT and GST in India :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: empanelment :: TAX RATES - GOODS TAXABLE @ 4%
 
 
« News Headlines »
  How to rectify income tax returns
 Govt extends tax exemption for industry in North East, hilly states
 Should you file revised Income Tax returns; find out here
 Tax Deducted at Source (TDS) in Goods & Services Tax (GST)
 10 companies that blamed GST for soft June quarter
 How will GST impact the Indian economy
 10 days left to file your first GST return. This is how you do it
 What is property tax and how is it calculated…
 File income tax returns in time to carry forward losses
 Missed the deadline to file income tax returns? Here is what you should do
 Who has to report foreign assets in Indian income tax return and how to do it

ICAI: Big 4 flouting laws
April, 06th 2010

Top multinational accounting firms (MAFs) PriceWaterhouseCoopers, KPMG, Ernst & Young and Deloitte Touche Tohmatsu have flouted norms to provide services in India, a report by an Institute of Chartered Accountants of India (ICAI) committee has said.

It has been noticed that MAFs (multinational accounting firms), entered through automatic/FIPB route for rendering consultancy services, are transgressing the permission so granted and are rendering taxation services, auditing, accounting and book keeping services and legal services, said the committee set up to probe the alleged doctoring of accounts in the Satyam Computer Services scam.

The committee is headed by former ICAI president Uttam Prakash Agarwal.

The report, a copy of which is available with HT, said these international accounting firms are operating in India through domestic affiliates.

The Indian affiliate of PricewaterhouseCoopers, which was the auditor for Satyam Computer Services, include Price Waterhouse firms and Lovelock and Lewes. Deloitte Touche Tohmatsu has tie-ups with CC Chokshi, AF Ferguson, Fraser and Ross and SB Billimoria.

KPMG has association with BSR firms and Ernst & Young has a tie-up with SR Batliboi entities.

India does not allow foreign direct investment (FDI) in accounting, auditing and book keeping services, taxation and legal services. It has also so far not made any commitment for opening of such services under the World Trade Organisation.

These entities (the four multinational accounting firms) are not only providing services through their own establishment in India, but also through service providers in India, particularly for those services like auditing, which cannot be rendered by them under the laws of the country, the report said.

These entities are providing assurance, management and related services circumventing the provisions of the Chartered Accountants Act, 1949 and other relevant regulations, it said.

The committee has also asked ICAI, the sectors regulator, to maintain a mandatory record for registering international network and affiliations of Indian chartered accountancy firms.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Sitemap

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions