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Extracts taken from the Summary of Decisions taken by the Council at its 257th meeting held in February, 2006

Item No.11: 

Allowing the members of ICAI to certify the financial statements of multinational companies having presence in India, in their capacity as members of ICAI or otherwise-Recommendation of the Executive Committee.

The Council decided that the members of ICAI who are also members of the AICPA, and who may be required to sign the financial statements as CPAs (i.e., as members of the AICPA), may do so. So far as ethical standards are concerned, the ICAI ethical standards will apply. The Council further resolved that any issue arising out of jurisdictional problems will be taken up as and when they arise.

The Council also decided that when the ICAI members sign the financial document(s) as CPAs, they be required to indicate, in an appropriate manner, that their firm is an Indian accounting firm registered with the Institute of Chartered Accountants of India under the Chartered Accountants Act, 1949. In other words, such a member should ensure to appropriately reflect the fact in the relevant document(s) that his firm falls within the purview of the ICAI.

 

 

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