5. Question 26 follow-up: Can India inform the WTO Members which steps, if any, it is taking to amend the ICAI Act and regulations framed thereunder in order to allow locally incorporated foreign firms to use their international brand (network) names, sign audits and have freely chosen partners?
Reply:The Institute of Chartered Accountants of India (ICAI) has been pursuing the policy of recognition of membership qualification of professionals of other Institutes on reciprocal basis as per section 29 of the Chartered Accountants Act 1949. As such, presently there is no move to amend the Act and regulations framed thereunder to allow locally incorporated foreign firms to use their international brand (network) names, sign audits and have freely chosen partners.
The EU's original question 26: As for accounting services, what steps are being taken to allow Indian companies to have their audit reports signed by locally incorporated foreign firms using internationally recognised names, as well as to end the restrictions on the number of partners? By when can this be expected?
India's reply: The existing ICAI (Institute of Chartered Accountants of India) Act and regulations framed thereunder regulate the profession of Chartered Accountants which inter alia also includes the operation of Chartered Accountancy firms in India including the manner of registration and the name of such firms which are approved by ICAI.
