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Institute of Chartered Accountants of India offers to work with investigators to unearth black money
May, 28th 2012

The Institute of Chartered Accountants of India (ICAI) has announced initiatives to help government investigators track unaccounted money stashed away overseas. The apex body of accountants has said it will also assist in audits of political parties, non-governmental organisations (NGOs) and educational institutions to bring to light financial irregularities.

ICAI president Jaideep Shah told reporters on Saturday that the institute has developed a set of principles that can guide those conducting audits of political parties, NGOs and educational institutions in India. "The document is now with the central government and we expect the rules to come in force in 2013," Shah said.

Accounting experts can be of help in investigations pertaining to black money in the country or elsewhere and ICAI has constituted a high-powered committee to form recommendations to unearth unaccounted money, he said.

ICAI has also made an offer to the government to assist Securities and Exchanges Board of India (Sebi) in monitoring the deals of stock brokers, investment bankers, mutual funds or clearing intermediaries to check any wrongdoings, Shah said.

Fund collection and spending of political parties is always a matter of intrigue for the common man and government authorities, Shah noted, adding that ICAI has formulated a 'Uniform Accounting and Auditing Framework' to clear all suspicion about the income, expenditure, assets and liabilities of political parties. ICAI has submitted the document to the Election Commission of India and is awaiting their response, he said.

Shah said there is a strong resentment about the financial malpractices in educational institutions in the country and ICAI has set up an expert group to suggest ways to install accounting discipline in these institutions and to develop a knowledge portal for them. ICAI has also created guidelines to ensure co-ordination in the audits of real estate businesses, oil and gas and energy businesses, he said.

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