Rules of Overseas Chartered Accountant Firms

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Mar. 27 – India’s Ministry of Corporate Affairs informed the Upper House today that Indian chartered accountant (CA) firms are regulated by the Institute of Chartered Accountants of India (ICAI) in terms of provisions of the Chartered Accountants Act (1949) and the rules and regulations framed thereunder.

What that means is that no CA firm, whether Indian or foreign, can function in the area of audit/assurance services in India without first being registered with the ICAI. It is, though, possible that several “multinational accounting firms” may be operating in the country in the fields of audit/assurance services through Indian audit firms/ members who are registered with the ICAI.

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