ICAI WANTS BARS ON AUDIT FIRMS WITH GUILTY PARTNER

The Indian Accounting Sector regulator wants the government to bring in a provision to bar tainted firms from taking up any new assignments for a specified period. ICAI President told that RBI, SEBI and the CAG should specify norms "barring such auditing firms for a particular time period whose partner has been found guilty in last three years." At present, if a partner of a firm is held responsible in any fraud, the firm disassociates itself (from the partner).