[aaykarbhavan] 73 AUDIT FIRMS GUILTY

'316 cos,73 audit firms guilty of violating accounting norms'StoryComments Post a commentEmail this articleMail This Article
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Govt said 316 cos and 73 audit firms have been found guilty for violating accounting principles and other financial irregularities in the last three years.NEW DELHI: The government today said 316 companies and 73 audit firms have been found guilty for violating accounting principles and other financial irregularities in the last three years.

"During the last three years, 316 companies and 73 audit firms were found guilty of violation of accounting principles and other financial irregularties for non-compliance of disclosure norms," Minister of State in Corporate Affairs R P N Singh informed the Lok Sabha.

He further said prosecutions have been filed against such companies and audit firms under the provisions of the Companies Act 1956 for such violations.

In a separate reply, Singh said as many as 36 Chartered Accountant (CA) firms have submitted 'partial' information to ICAI regarding their arrangements with the multi-national accounting firms.

A High Powered Committee (HPC) was set-up by accounting regulator Institute of Chartered Accountants of India (ICAI) to examine the operation of Multinational Network Accounting Firms (MNAFs) in the country.

Out of the 171 Indian CA firms who have reported to the the HPC, 36 have submitted only partial information, the Minister said.

However, he said the High Powered Committee's report does not mention the names of the CA firms who have supplied complete information to ICAI.

The Minister further said the report of HPC has been submitted to the council of ICAI which is yet to communicate its decision to the government



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