An Outlook issue in August last year had brought to light how as a profession chartered accountants were facing their worst crisis of credibility with allegations of money laundering staining their white collars forever.
While the regulator (ICAI) had told Outlook that it does not prosecute firms (only individual CA-members), the minister of state for corporate affairs has clarified that the law says that both individuals and firms are jointly and severably responsible
Hole-in-the-wall accountants, Tier-2 CA firms and the Big Four—all share a professional DNA of trickery. From there, it’s a tiny step to fraud. In the case of foreign firms, their very presence in India hinges on that.