Regulation of Foreign Chartered Accountant Firms
The Minister of
State in the Ministry of Corporate Affairs Shri R.P.N. Singh today
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.
The names of CA. Pulavarthi Siva Prasad, CA. Chintapatla Ravindernath
and CA Srinivas Talluri have been removed from the Register of Members
permanently and also a fine of Rs. 5 lac each on all of them has been
imposed. The decision on awarding punishment to CA. S. Goplakrishnan,
and CA. V.S. Prabhakar Gupta is likely to be taken by the Disciplinary
Committee of the ICAI at its next meeting.
The Minister was
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.
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ST/-
(Release ID :81695)