CA group to raise pitch against global firms

The S Gurumurthy-led chartered accountants' action committee is expected to launch an active campaign against multinational representatives in the upcoming elections to the central council of the Institute of Chartered Accountants of India (ICAI).

Corporate groups like the Tatas, Birlas, Ambuja Cements, and some south-based groups have apparently communicated to the chartered accountants' action committee that they are examining some of the issues raised in the white paper, especially those relating to the global financial architecture.

Talking to Business Standard, Gurumurthy said: "We will campaign actively against multinational accounting firms representatives in the next round of elections to the apex body of the ICAI.

The issues raised by the chartered accountants' action committee in its white paper is bound to affect the coming elections as well as the composition of the members of the council." The stress was on a homogeneous composition of the members of the council, he added.

The action committee is understood to be in touch with chartered accountants across the five zones (North, East, Central, South and West). This could affect the apex body elections slated for December. The central council of the ICAI currently has 24 members and is elected once every three years.

Gurumurthy was categorical when asked about the need for a regulatory body for chartered accountants. "There is no need for a regulatory body. If the ICAI fails to protect the interests of chartered accountants, the government should do it. The department of company affairs can propose amendments," he said.

The chartered accountants' action committee, according to Gurumurthy, was formed against multinational accounting firms using audit as a means to make money from the consulting business. "Audit provides continuous association with companies at various levels. They only incur marketing costs," he said.