Press Information Bureau

Government of India

Ministry of Corporate Affairs

06-September-2012 17:06 IST

ICAI Committee

The Institute of Charted Accounts of India (ICAI) has not constituted any high powered committee to look into the entire gamut of financial reporting etc.

Out of the 171 Indian Chartered Accountant (CA) Firms who have reported to the High Powered Committee (HPC) constituted by the Council of the Institute of Chartered Accountants of India (ICAI) specifically to prepare a report on operation of Multinational Accounting Firms in India, 36 have submitted only partial information. The Report of the HPC does not mention the names of the CA firms who have not supplied complete information to ICAI.

The Report of the HPC has been submitted to the Council of ICAI which is yet to communicate its decision thereon to the Government.

This information was given by Minister of State for Corporate Affairs Shri R.P.N. Singh in reply to a written question in the Lok Sabha today.

ST

Multinational accounting firm reporting: ICAI panel report records partial disclosures and notes Council decision pending. A High Powered Committee constituted by the ICAI Council to report on multinational accounting firms received submissions from 171 CA firms, 36 of which supplied only partial information; the HPC report, which does not name non compliant firms, has been submitted to the ICAI Council and the Council has not yet communicated any decision on the report to the Government.