In pursuit of its strategy of making easy money out of developing countries, ACCA has sought to establish a foothold in India. ACCa members have never been asked to approve such a strategy.
Now the Institute of Chartered Accountants of India (ICAI) has filed a suit against the ACCA. The suit was filed last year and expected to be heard later this year. The Indian Institute is very confident of winning its suit because law year it won a similar suit against the Chartered Institute of Financial Analysts.
So far the ACCA bureaucrats have kept silent, just as they did about the lawsuit in Malaysia after ACCA chief executive, Anthea Rose, admitted that ACCA examiners had plagiarized the exam papers of a Malaysian accountancy body. The ACCA's 1998 annual report only admitted it after AABA released the details. Currently, ACCA is also facing a £300,000 lawsuit from a former member, Dr Raymond Stanbridge. In addition, ACCA's conduct is also the subject of a case brought by retired member Ronnie Allen. The case has been accepted by the European Court of Human Rights.
As always, ACCA bureaucrats keeps members in the dark.