(For Mandatory compliance in terms of Clause (2) Part III of The First
Schedule to the Chartered Accountants Act, 1949)

Indian CA firms having affiliation with international entities/network

All the CA firms registered with the ICAI having affiliation with international entities/network are requested to furnish the following documents/details to the Institute:

(1)    Agreement/contract with the multinational entity; (2) Terms and conditions for usage of name of multinational entity; (3) Arrangement for sharing of fees/profit with other Indian CA firms with similar/identical name and with the multinational entity; (4) Arrangement for sharing of human resources and infrastructure with other Indian CA firms with similar/identical name and with the multinational entity; (5) Details of remittances made to and received from the multinational entity; (6) Partnership deed (as on vogue in the last 5 years); (7) Income-tax assessment orders for the last 3 years. If assessment orders have not been received, then they may submit computation of income and copies of returns, and (8) Copies of letterheads and visiting cards generally used.

The above documents/details are required pursuant to a meeting held with the Ministry of Corporate Affairs in regard to public image about auditor’s role, manner in which surrogate firms hold out to the public, use of international brand name and host of other related issues. The Institute has already sent letters to 146 CA firms, which are perceived to be having international affiliations asking for the above documents/details. Those firms about whom the Institute does not have the knowledge of international affiliation, may treat this announcement as the communication and submit the documents/details to the Secretary of the Group formed for administrative reforms consequent to happenings related to M/s Satyam Computers, at the following address within 7 days of publication of this announcement:

Shri G. Ranganathan
Deputy Secretary
The Institute of Chartered Accountants of India
ICAI Bhawan, Indraprastha Marg
New Delhi – 110 002.
Mobile. 093507 99933, Email: [email protected]

( G. Ranganathan )
Deputy Secretary

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0 Comments

  1. SHEKHAR says:

    Can a Practising C.A. accept the Audit of a firm or trust in which he or his relatives has contributed a sum of more than Rs. 1 lakhs (the contribution being in the nature of a promoter’s contribution i.e. before or for the purpose of establishment of such firm or trust)?

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