AS many as 316 companies and 73 audit firms have been found guilty for
violating accounting principles and other financial irregularities in
the last three years.
The Ministry of Corporate Affairs has filed prosecutions against such companies and audit firms under the provisions of the Companies Act 1956 for such violations.
Out of the 171 Indian CA firms who have reported to the the HPC and as many as 36 Chartered Accountant (CA) firms have submitted 'partial' information to ICAI regarding their arrangements with the multi-national accounting firms.
A High Powered Committee (HPC) was set-up by accounting regulator Institute of Chartered Accountants of India (ICAI) to examine the operation of Multinational Network Accounting Firms (MNAFs) in the country.
However, High Powered Committee's report does not mention the names of the CA firms who have supplied complete information to ICAI. Report of HPC has been submitted to the council of ICAI which is yet to communicate its decision to the government.
The Ministry of Corporate Affairs has filed prosecutions against such companies and audit firms under the provisions of the Companies Act 1956 for such violations.
Out of the 171 Indian CA firms who have reported to the the HPC and as many as 36 Chartered Accountant (CA) firms have submitted 'partial' information to ICAI regarding their arrangements with the multi-national accounting firms.
A High Powered Committee (HPC) was set-up by accounting regulator Institute of Chartered Accountants of India (ICAI) to examine the operation of Multinational Network Accounting Firms (MNAFs) in the country.
However, High Powered Committee's report does not mention the names of the CA firms who have supplied complete information to ICAI. Report of HPC has been submitted to the council of ICAI which is yet to communicate its decision to the government.
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