Two other big four accounting firms have received a letter from the accounting regulator, the Institute of Chartered Accountants of India (ICAI). According to sources, the ICAI has written to Deloitte and E&Y, asking for detailed information on their activities, international affiliations and operating structure in India.
Just over a week ago, we had reported about KPMG and PwC getting similar notices.
The ICAI letter asks for sample visiting cards, letter head, etc. and seeks information on payment by the agencies to their international affiliates.
The regulator has also called for tax returns filed by E&Y, Deloitte and sought information on tie up with international firms.
The Sebi letter is a part of the High Powered Committee investigation and mentions the Satyam scam as the reason for the notice to the auditors.
useless efforts made by ICAI, ICAI in noway regulate these big4s.
I feel the Big 4 or 5 should do basic documents and trasactions or entries audit to make more effective audit instead of compiling data and files. The assurance of transactions needs tobe taken care of . This is requirement for India Inc. The ICAI needs to make sure the modality adopted by Big 4 or 5 to protect the CA profession.
Thanks