ICAI calls information from practicing CAs on networking relationship or affiliation in terms of Supreme Court judgment

ICAI calls information from practicing CAs on networking relationship or affiliation in terms of Supreme Court judgment on operations of multinational accounting firms in India

With regard to Operations of Multinational Accounting Firms in India, the Hon’ble Supreme Court of India,  vide its Judgement dated 23rd February, 2018 in Civil Appeal No. 2422/2018, S. Sukumar Vs. ICAI and W.P. (Civil) No. 991/2013, CPIL vs. UOI & Ors. had directed ICAI further examine all the related issues at appropriate level as far as possible within three months and take such further steps as may be considered necessary.

The Council of ICAI has now constituted a Group to examine all the related issues in the light of the aforesaid judgement of Supreme Court and to submit a Report to the Council.

The Group has decided to obtain information from all the Members holding Certificate of Practice as on 01.04.2018 who presently have or at any time in the past seven financial years had networking relationship or affiliation by whatever name called with any entity. The above information is required as on 01.04.2018

The information is to be submitted online, to be signed by all partners/sole proprietor of firm(s). One partner /managing/designated/authorised partner may submit the requisite information, if so authorized by all the partners, clearly indicating that he has been so authorized.

However, members/partners/firms who at present or any time in the past seven financial years had no networking arrangements or affiliation by whatever name called need not submit the information.

It has been clarified that non-furnishing of information by those who are required to furnish the same would render such members liable for disciplinary action under clause (2) of Part III of First Schedule to the Chartered Accountants Act, 1949.

The above submission may be followed by additional information and documents being called from the members and/or firms if need is felt later on.

The aforesaid information is to be submitted online latest by 30th June, 2018 by using the following link:

 https://www.icai.org/icaicop/

Printed copy of the declaration duly signed is to be sent to the Institute by Registered/speed post at the following address so as to reach latest by 07 July, 2018.

“The Joint Secretary ( M & SS )
The Institute of Chartered Accountants of India
ICAI Bhawan, A-29, Sector-62
NOIDA ( Uttar Pradessh) 201301”