ICAI has issued a clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client
CAs as Statutory auditor can not share client information with credit rating agencies without permission
The Institute stated that it has been receiving queries from the members as to whether Statutory Auditor of a Company can give feedback of the said Company to the Credit Rating Agencies (CRAs).
It has been clarified by the ICAI that under the provisions of Chartered Accountants Act, 1949 it is not permissible to members to share client information with the CRAs, except if permitted by the Auditee client.
The ICAI has advised members to ensure compliance with the guidelines and failure to comply with the same will result in professional misconduct in terms of the of the provisions of Chartered Accountants Act, 1949 and the Code of Ethics.
- Assessee eligible for Chapter VIA deduction u/s 80IE on increased income due to disallownces
- Assessee filing ITR under presumptive tax can’t be faulted for not giving details not mandated
- Sale of flats in a real estate project held capital gains considering intention of assessee
- Interest liability recognised by journal entries at the close of year, can’t be termed as fictitious – ITAT
- Cash deposits in bank which were immediately transferred to other accounts – addition deleted
