ICAI (Institute of Chartered Accountants of India) mentioned on Friday that EY India affiliates are working under professional misconduct. It is the responsibility of ICAI to regulate Chartered Accountancy in India. Thus, there are rumors about the possible action of the regulatory body against the company. As per details, they have not specified the name of EY India specifically. The regulatory body is responsible for all the rules and regulations and fair working of the companies under it.

ICAI Might Take Action Against EY India Affiliates For Professional Misconduct

ICAI (Institute of Chartered Accountants of India) Might Take Action Against EY India Affiliates

ICAI is working on taking action against affiliates of EY India. Many believe that EY India’s affiliates are under professional misconduct. Thus, ICAI took orders against them. It didn’t take the name of the company specifically. However, it does mention they can take action against the affiliates of global accounting firms.

In the fifth chapter of the Chartered Accountancy Act, misconduct and penalties are mentioned clearly. As per the details, the company went against the Chartered Accountancy Act rules. It said that EY India’s affiliates EY Global, EY Europe, Middle East, and Africa used their email address. Thus, it leads to their promotion which is against the rules and regulations of ICAI.

EY India provides services like consulting, tax, assurance, and others. Thus, it operates under ICAI as well. Upon its affiliates violating the Indian accountancy law, there is a need to take action against the violation. Thus, ICAI says that it has the right to take action against the affiliates of accounting firms violating the rules and regulations.

It did not mention EY India’s name. However, speculations are that EY India’s affiliates lead to professional misconduct. The center will now take over the process of inquiry and levying penalties. The organization will take the necessary steps to carry out the process further. The company is organizing at a large level at the moment.

However, there are no details about the response from the company yet. We will update you about the response as soon as we get to know. EY India is among the top companies providing these services at the moment. While other big companies’ affiliates already took a Stay form against ICAI orders. These companies include Deloitte, KPMG, and PwC.

We hope you get enough details about the ICAI’s action against EY India and other accounting companies’ affiliates. Stay tuned for more information on our website.

Discover more from industrialfront

Subscribe to get the latest posts to your email.

Leave a comment

Your email address will not be published. Required fields are marked *