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Government has ruled out allowing foreign firms in auditing operations in the country. The State Minister of Finance, Mr. Namo Narain Meena today told Rajya Sabha in a written reply that the foreign firms cannot carry out auditing functions in the country. They can however, operate in areas as consulting and research as consulting company registered under the Companies Act 1956. The Minister further said that the relevant section of the Companies Act also prohibits a body corporate from being appointed as auditor of a company.
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