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Can an ACCA practice audits in India?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

According to current prevailing section 141 to the Companies Act 2013 only Chartered Accountants having a degree of ICAI and can practice and sign balance sheet of companies or other persons. I could not come across or did not find any MOU's signed between ICAI(India) and ACCA (UK). Unfortunately ACCAs cannot sign statutory audited financial statements in India. Only ACAs and FCAs from ICAI may sign the audit report.

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Picsjoin 2017224123730582 answered

Hie Adhya, An ACCA is not authorised to attest the financial statements in india. Only a CA can do that. However you can establish your practice in other countries which allow you to do that. I am talking in context of statutory audits. You can always do internal audit in any company who allows you to do that. If you want to do a statutory audit then you need to have a tie up with a CA firm who can take the audit in it’s name and attest the audited balance sheet in its name. The only reason they will give you such assignment is because they will not have the sufficient manpower to conduct the audit. So they will charge some commission and delegate you the audit. But it will be a hard task for an ACCA as there are so many practicing firms and even if they want to delegate they prefer a CA firm over an ACCA firm. ACCA is yet to gain that recognition in india which it deserves.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

According to current prevailing section 141 to the Companies Act 2013 only Chartered Accountants having a degree of ICAI and can practice and sign balance sheet of companies or other persons. I could not come across or did not find any MOU's signed between ICAI(India) and ACCA (UK). Unfortunately ACCAs cannot sign statutory audited financial statements in India. Only ACAs and FCAs from ICAI may sign the audit report. ACCAs may be able to get a job in Internal Auditing since their findings are for the top management and are cross checked by the auditor during the internal systems and controls check.

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