ICAI-MULTINATIONAL AUDIT FIRMS

Accounting regulator ICAI is examining violation of certain clauses of the Chartered Accountants Act by multinational audit firms, Parliament was informed today.

"Some instances of violations have come to the notice of the Institute of Chartered Accountants of India (ICAI) which is examining the same," Corporate Affairs Minister Veerappa Moily told the Rajya Sabha in a written reply to the query whether some multinational firms have violated certain clauses of the Chartered Accountants Act.

He, however, added that no specific firm-wise violations of any specific clause has been brought to the notice of the government.

To a question if the government has initiated any investigation against any such violation, Moily said, "ICAI is itself competent to decide on these violations without referring to the central government".

The Chartered Accountants Act 1949 is a statute enacted by Parliament to regulate the profession of chartered accountants in India.