ICAI pulls up three firms even as govt moves to strip it of its powers

Once the NFRA starts investigating cases against listed entities and big unlisted corporates, the ICAI will lose the power to look into these companies and their auditors

While the government is working to make the National Financial Reporting Authority (NFRA) functional, which will take away the Institute of Chartered Accountants of India’s (ICAI’s) powers, the CA body has upped the ante by investigating books of three listed entities. In a letter to the Ministry of Corporate Affairs, the ICAI has mentioned “three listed companies” with discrepancies in the books, holding their auditors responsible. The ICAI raised this as a concern. Business Standard has reviewed the letter addressed to the corporate affairs secretary.

Once the NFRA starts investigating cases against listed entities and big unlisted corporates, the ICAI