Issue Regarding Multinational CA Firms: ICAI asks Chartered Accountants to submit Information till 30th June

Chartered Accountants - UDIN

The Institute of Chartered Accountants of India ( ICAI ) has asked the chartered Accountants who possess Certificate of Practice to submit important information to it in connection with Apex Court ruling regarding regulation of multinational CA Firms in India.

The Supreme Court of India vide its Judgement dated 23rd February, 2018 in Civil Appeal No. 2422/2018, S. Sukumar Vs. ICAI and W.P. (Civil) No. 991/2013, CPIL vs. UOI & Ors. has issued certain directions to ICAI with regard to Operations of Multinational Accounting Firms in India and asked the regulatory body to form an expert committee to regulate Multinational Accountancy Firms since they are violating laws.

Accordingly, the Council has constituted a Group to examine all the related issues in the light of the aforesaid judgement of Supreme Court and to submit a Report to the Council.

The Group has decided to obtain information from all the Members holding Certificate of Practice as on 01.04.2018 who presently have or at any time in the past seven financial years had networking relationship or affiliation by whatever name called with any entity. The above information is required as on 01.04.2018

The information shall be submitted online, to be signed by all partners/sole proprietor of firm(s). One partner /managing/designated/authorised partner may submit the requisite information, if so authorized by all the partners, clearly indicating that he has been so authorized.

Members/partners/firms who at present or any time in the past seven financial years had no networking arrangements or affiliation by whatever name called need not submit the information.

Please note that non-furnishing of information by those who are required to furnish the same would render such members liable for disciplinary action under clause (2) of Part III of First Schedule to the Chartered Accountants Act, 1949.

ICAI may call for additional information and documents from the members and/or firms if there is a need felt later on.

Please submit the aforesaid information online by using the following link https://www.icai.org/icaicop/ latest by 30th June, 2018.

Printed copy of the declaration duly signed may please be sent to the Institute by Registered/speed post at the following address so as to reach us latest by 07 July, 2018.

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