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Disputes

The Big 4 come under scrutiny: ICAI slams government stand on multinational accounting firms

The controversy around the presence and structure of global networks in India gets a new twist. ICAI’s Ghia panel says the government-appointed committee report that gave a clean chit to the multinational accounting firms was one-sided, whitewashed blatant violations, and ignored Supreme Court directives.
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nsundareshasubramanian
11 Jun 2019 10 Mins Read 0 comment
The Supreme Court wanted to end the surrogate processes through which global networks were compliant in form but violating the law in substance. Getty Images
The Supreme Court wanted to end the surrogate processes through which global networks were compliant in form but violating the law in substance.
A recent report of the Institute of Chartered Accountants of India (ICAI) has come down heavily on the government for supporting multinational accounting firms (MAFs). While questioning the wisdom of the government-appointed committee of experts (CoE) in calling the term MAF a “misnomer” without proper investigation, the report has also criticised the CoE for ignoring the specific directions given by
big firms have been involved (obtained through RTI) have now been filed with the Supreme Court, sources familiar with the development say. An e-mail sent to the ministry did not elicit any response. The matter is scheduled to come up for hearing when the Supreme Court reopens after the summer vacation in July. ( Graphics by Mohammad Arshad)
A recent report of the Institute of Chartered Accountants of India (ICAI) has come down heavily on the government for supporting multinational accounting firms (MAFs). While questioning the wisdom of the government-appointed committee of experts (CoE) in calling the term MAF a “misnomer” without proper investigation, the report has also criticised the CoE for ignoring the specific directions given by big firms have been involved (obtained through RTI) have now been filed with the Supreme Court, sources familiar with the development say. An e-mail sent to the ministry did not elicit any response. The matter is scheduled to come up for hearing when the Supreme Court reopens after the summer vacation in July. ( Graphics by Mohammad Arshad)

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