THE INTERNATIONAL NETWORKING guidelines being worked upon by the Institute of Chartered Accountants of India (ICAI) are restrictive, two partners at Big Five audit firms told FE. Recently, the ICAI president Ranjeet Kumar Agarwal said that the final guidelines, which will define the engagement rules between Indian CA firms and global firms, will come out in the current financial year.
"The draft guidelines that we have received from the institute have many restrictions, which might not enable Indian CA firms to scale up and compete with global audit firms as the institute has envisaged," said a senior partner at Big Five firm, on condition of anonymity.
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