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: due date for vat payment :: list of goods taxed at 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: VAT Audit :: TDS :: VAT RATES :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: form 3cd :: empanelment
 
 
News Headlines »
 How many times one can revise tax returns?
 Income tax exemption for FY19
 How will the new provisions really work?
 How to save income tax? Best tips for young earners
 Forgot to verify your income tax return? Here's help
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
 Income tax returns can be filed even if you missed deadline
 What is the difference between a tax return and a tax refund?
 Improving tax compliance in India
 How to invest in the new LTCG tax regime
 5 Tips to help you save tax

Scathing Report by the ICAI
September, 28th 2011

The Institute Of Chartered Accountants in India has come down heavily on multinational audit firms in India. ICAI says audit firms are violating the law by using foreign brand names and the accounting regulator has asked for a Ministry of Corporate Affairs and RBI inquiry into their accounts.

You may recall that last year in its first post-Satyam report, the ICAI had asked the ministry for powers to go after audit firms and not just auditors. The second report that was submitted to the ministry last week by the ICAI does not bode well for all those audit firms functioning under foreign brands. The Institute has made three key charges against multinational network accounting firms:

- Firstly that these firms are violating the Chartered Accountants Act by using foreign brand names

- Secondly, many of these firms were meant to provide just management consulatancy services but are now providing all kinds of services like accounting, taxation, audit and book keeping.

- And that despite the ICAIs requests, several firms have not furnished complete details regarding their contracts with multinational audit firms.

Now, the ICAI has not mentioned any names, but the report clearly points in the direction of local firms working under the big 4 brands that is Deloitte, E&Y, PWC & KPMG.

The ICAI has suggested that the RBI and government investigate remittances made by local firms to multinational parents. ICAI President G Ramaswamy has also proposed joint action to enforce compliance with the law.

G Ramaswamy
President, ICAI

"If anybody is violating the Chartered Accountants Act under the guise of some other name, if the Chartered Accountants are involved in that, naturally the ICAI will take the regulatory measures, then the disciplinary mechanisms can be used. A joint working group can be constituted between government as well as ICAI so that we can bring out larger area of recommendation and implement through Chartered Accountants Act."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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