ICAI seeks details from 12 affiliates of global audit firms

Times of India recently reported that the CA institute, ICAI, has shot off letters to 12 Indian chartered accountancy firms that have affiliation with international entities.

These 12 firms have now been asked to furnish documents relating to various aspects of their dealings with the international entities including contract details, arrangement of sharing of fees/profits, details of remittances made to and received from multinational entities, copies of the partnership deeds of the audit firms, sharing of human resources and infrastructure and income-tax assessment orders for the last three years, etc.

Also, details have been sought on terms and conditions for usage of the names of the multinational entity besides copies of letterheads and visiting cards generally used

Indian affiliates of Pricewaterhouse, KPMG, Ernst & Young, Deloitte among others are reportedly under ICAI scanner

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