Topic: “Institute of Chartered Accountants of India Case (8.10)” and “Tata Finance Limited Case (8.9)” These two cases address some of the same issues. Read Case 8.10, “Institute of Chartered Accountants of India” first, for background on India’s culture and the development of professional institutions that impact accounting in India today. The Institute of Chartered Accountants of India case presents the historical background and development, as well as the tension surrounding the growth in India of the largest public accounting firms. The accounting firm, A.F. Ferguson is highlighted in Case 8.10 and the case (which can be found in the Doc Sharing area), “Tata Finance Limited.” The Tata case presents the large family-oriented company of Tata, and the extent to which its corporate officers were willing to go to protect the company’s reputation. Ultimately, this case highlights potential concerns about the independence of accounting firms from their clients. Instructions: After researching the India & Tata Cases, you need to answer the following: Regarding the Tata case, the first issue is that the firm did not support the partner who wrote the report. 1. Do you think this is an isolated incident or one that could happen with ongoing frequency? 2. Also, what about the balance of power between the firm and the client? 3. Do you think the public accounting firm may lack independence because of economic dependence on the client? 4. How important do you think the competitive environment was in influencing the players in this case?