ICAI not in favour of foreign firms in audit services sector

The government  said the Institute of Chartered Accountants of India (ICAI) has not supported the opening up of audit service sector to foreign firms. 

ICAI is the apex body of chartered accountants in the country.

In a written reply to the Lok Sabha, Minister of State Arjun Ram Meghwal said ICAI has not supported the opening of audit service sector to foreign firms. 

He said the Department of Commerce regularly consults stakeholders and experts, domestic as well as foreign, for reciprocal market access in the area of services, including professional services as part of bilateral and multilateral negotiations. 

"As regards audit services, while government has not received requests for market access for foreign audit firms, India has, however, not taken any commitments for audit services at the World Trade Organisation, nor in any bilateral Free Trade Agreements," Meghwal said. #casansaar (Business Standard)