<p>“We have issued notices to 11 more firms. We have asked about their activities, international affiliations and operating structure in India,” ICAI President Uttam Prakash Agarwal said here.</p>.<p>Last week, the Institute of Chartered Accountants of India (ICAI) had issued notices to 12 auditing firms to check surrogate audit practice by foreign auditing firms in India.</p>.<p>As per the WTO norms, foreign firms cannot practice in India. However, they operate in India through affiliates registered in the country.</p>.<p>Agarwal said the institute wants to understand the modus operandi of these firms having foreign affiliations.</p>.<p>The decision assumes importance in the light of accounting fraud in Satyam Computer, the books of which were audited by Price Waterhouse, Indian arm of global auditing firm PricewaterHouse Coopers.</p>.<p>The institute had constituted a seven-member committee headed by Agarwal to look into the Satyam scam and to suggest changes to the government, Securities and Exchange Board of India (Sebi) and other regulators.</p>
<p>“We have issued notices to 11 more firms. We have asked about their activities, international affiliations and operating structure in India,” ICAI President Uttam Prakash Agarwal said here.</p>.<p>Last week, the Institute of Chartered Accountants of India (ICAI) had issued notices to 12 auditing firms to check surrogate audit practice by foreign auditing firms in India.</p>.<p>As per the WTO norms, foreign firms cannot practice in India. However, they operate in India through affiliates registered in the country.</p>.<p>Agarwal said the institute wants to understand the modus operandi of these firms having foreign affiliations.</p>.<p>The decision assumes importance in the light of accounting fraud in Satyam Computer, the books of which were audited by Price Waterhouse, Indian arm of global auditing firm PricewaterHouse Coopers.</p>.<p>The institute had constituted a seven-member committee headed by Agarwal to look into the Satyam scam and to suggest changes to the government, Securities and Exchange Board of India (Sebi) and other regulators.</p>