ANNOUNCEMENT
(For Mandatory compliance)
Indian CA firms having affiliation with international entities/network
All the CA firms registered with the ICAI having affiliation with international entities/network are requested to furnish the following documents/details to the High Powered Committee of the ICAI:
(1) Agreement/contract with the multinational entity; (2) Terms and conditions for usage of name of multinational entity; (3) Arrangement for sharing of fees/profit with other Indian CA firms with similar/identical name and with the multinational entity; (4) Arrangement for sharing of human resources and infrastructure with other Indian CA firms with similar/identical name and with the multinational entity; (5) Details of remittances made to and received from the multinational entity; (6) Partnership deed (as on vogue in the last 5 years); (7) Income-tax assessment orders for the last 3 years. If assessment orders have not been received, then they may submit computation of income and copies of returns, (8) Copies of letterheads and visiting cards generally used.
The above documents/details are required by the High Powered Committee of the ICAI pursuant to a meeting of the Committee held with the Ministry of Corporate Affairs in regard to public image about auditor’s role, manner in which surrogate firms hold out to the public, use of international brand name and host of other related issues. The Committee has already sent letters to 94 CA firms asking for the above documents/details. Those firms, who have not received communication from the High Powered Committee in this regard, may treat this announcement as the communication and submit the documents/details to the Chairman, High Powered Committee at the following address within 15 days of this announcement:
The Chairman
High Powered Committee
The Institute of Chartered Accountants of India
ICAI Bhawan, Indraprastha Marg
New Delhi – 110 002.
Email: hpc@icai.in