ICAI issues draft norms for overseas networking of CA firms

New Delhi, Jun 6 (PTI) Chartered accountants' apex body ICAI on Friday issued the draft overseas networking guidelines for domestic chartered accountant firms.

The move is part of continuing efforts to expand the reach of chartered accountant firms and create large domestic entities that will be capable of competing globally.

"These guidelines are meant to promote networking amongst one or more chartered accountant firm (s) registered with ICAI with networks or entities established and registered outside India in their respective jurisdiction," ICAI said on Friday while issuing the draft guidelines.

The Institute of Chartered Accountants of India (ICAI) has sought comments on the draft norms till June 27.

Among others, it has proposed that all network arrangements between domestic entities and overseas networks will be mandatorily required to be registered with the ICAI.

"All arrangements entered between a domestic entity (ies) and one or more overseas network shall be required to be registered with the ICAI by sharing details and following processes laid down in these guidelines...," as per the draft norms. PTI RAM BAL BAL