Union Minister of Corporate Affairs Dr. M. Veerappa Moily today informed the Rajya Sabha that some instances of violations have come to the notice of the Institute of Chartered Accountants of India (ICAI) which is examining the same. ICAI is itself competent to decide on these violations without reffering to the Central Government. However, no specific firm-wise violations by multinational firms (stating exactly which sections have been violated by which firm) have been brought to the notice of the Government.

The Minister was replying to a written question regarding whether it is a fact that some multinational firms have violated certain clauses of the Chartered Accountant Act and whether the Government has initiated any investigation against such violations. .

Chartered Accountants Act violations: ICAI empowered to examine and decide firm-level breaches without government referral. Alleged breaches of the Chartered Accountants Act by multinational firms are under examination by the Institute of Chartered Accountants of India (ICAI), which is competent to decide such violations without referring matters to the central government; no specific firm level allegations identifying breached provisions have been presented to the government.