The Hindu Business Line : CAs can now take up audit work in US

THE Institute of Chartered Accountants of India (ICAI) has decided to remove the restriction on practising chartered accountants or accountancy firms from taking up audit or certification work in the US even if they are members of the American Institute of Certified Public Accountants (AICPA).

"With the scope of work flowing from the US on the rise, we do not want an Indian chartered accountant who is also a AICPA member to lose any advantage. Such a member can now undertake audit or certification work required by the regulatory authorities in the US," Mr T. N. Manoharan, President of ICAI, told Business Line.

In cases where an Indian chartered accountancy firm is involved in certification or audit work, Mr Manoharan said that it would have to be made clear in the audit certificate that the firm was registered with the ICAI.

As per the existing regulations of ICAI, an Indian chartered accountant or a chartered accountancy firm registered with the institute cannot undertake attestation functions for any US-related work even if they are members of the AICPA.

This is because ICAI has so far not allowed its practicing members to use any other qualification or description for attestation functions.

With the latest ICAI move, Indian chartered accountants and accountancy firms with AICPA membership can also look forward to getting mandates for the US Generally Accepted Accounting Principles (GAAP) compliance certification, which is required for raising resources from the US markets.

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