31 March, 2012

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Regulating Foreign CA Firms

Regulating Foreign CA Firms

Ministry of Corporate Affairs informed the Rajya Sabha that the Indian Chartered Accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act, 1949 and the Rules and Regulations framed thereunder. 

Further, no CA firms, whether Indian or foreign, can operate in the area of audit/ assurance services in India without being registered with the ICAI. It is, however, possible that several “Multinational Accounting Firms” may be operating in the country in the fields of audit/ assurance services through Indian Audit Firms/ Members who are registered with the ICAI.

Action has been initiated against the Statutory Auditors of Satyam Computer Services Limited, namely Price Waterhouse, Bangalore and its members. Few CA's have been debarred while some are penalised.

MCA answers this while replying to a written question whether it is a fact that Indian Chartered Accountant (CA) firms are being regulated by the Institute of Chartered Accountants of India but the foreign CA firms practising in India are not regulated by any regulatory body.

Source : Release ID :81695

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