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ICAI move against `surrogates' hailed

Our Bureau

CHENNAI, July 8

THE Chartered Accountants Action Committee for Level Playing Field (CAAC) has commended the Institute of Chartered Accountants of India (ICAI) for enforcing disciplinary action against firms acting as surrogates for multinational accounting firms.

In statement, the Convener of the action committee, Mr S. Gurumurthy, welcomed the efforts by ICAI's President, Mr R. Bhupathy, in this direction. The statement condemned the "malicious campaign" against Mr Bhupathy, which, according to Mr Gurumurthy, has been launched by vested interests.

He alleged that the reason for the attack was the ICAI's action in bringing to book erring accounting firms, which were carrying on surrogate practice in audit, taxation and certification work through select domestic accounting firms. The multinational firms operating in India claim that they are not bound by the disciplinary regime of the ICAI, and canvass for professional assignments, according to Mr Gurumurthy. He urged the ICAI to continue with its initiative in referring to a committee the permissibility of such accounting firms' methods and their foray into areas of accounting services not permitted to them.

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