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ICAI order on EY India affiliates may speed up notification of norms
Business Standard
|April 30, 2024
Several affiliates of Big Four accounting firms in India are likely to receive orders similar to those issued to EY India from the Institute of Chartered Accountants of India (ICAI) in the coming weeks, but not everyone at these firms is disappointed development.
with the Many top executives at these firms told Business Standard that even as there was disappointment with the order, some felt it would eventually lead to the "muchneeded" clarity on guidelines on international networking for domestic firms.
On Thursday, ICAI passed an order against EY's three affiliates and a retired partner for "professional misconduct." The institute ruled that the name of Raj Kumar Agrawal, a former partner at EY India, be removed from the institute's register of members for three years, with a monetary penalty of ₹5 lakh.
The ICAI's order stated that entities affiliated with EY were using the email addresses and visiting cards that advertised the names of their global affiliates. According to ICAI, this would come under publicity for a foreign audit firm in India and be in contravention of the Chartered Accountants Act.
This story is from the April 30, 2024 edition of Business Standard.
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