Multinational audit cos flouting rules: ICAI

A 168-page report prepared by the accounting regulator on Operations of Multinational Network Accounting Firms (MNAF), says that a few audit firms associated with MNAFs “hold out to the public that they are MNAFs in India whereas to ICAI/regulators, they hold out that they are purely Indian firms having no relationship to foreign entities”.

Many CA firms have not furnished complete information and have “masked certain portions” about their arrangements with multinational accounting firms and action would be taken against them for the same. The report observed that some firms have shared revenue with multinational entities, a clear violation of the CA Act. (Indian Express)