News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Professional Updates »
 MCA has introduced LLP Settlement Scheme, 2020 and Company Fresh Settlement Scheme 2020 to give Onetime relaxation in additional fees to the defaulting companies/ LLPs
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31.05.2020
  Appeal to contribute in ICAI Covid 19 Relief Fund
  Invitation to participate in the activities of the Internal Audit Standards Board, ICAI
 ICAI Advisory on Accounting and Assurance related issues for F.Y – 2019-20
  Research Committee of ICAI invites Members in Academics, Teaching, Research, MDP to update their details in order to get associated in activities of Research Committee
 Survey for Seeking Preference for Learning Foreign Language Course
 Invitation to Members to Empanel as a Resource Person for Conducting Investor Awareness Programmes
  Extension of validity of Peer Review Certificate in the wake of COVID-19 spurt across the country.
 Restoration of Membership/COP of ICAI
 Appeal to contribute in ICAI Covid 19 Relief Fund

ICAI to issue a show cause notice to Satyam auditors, PwC
January, 08th 2009
The Institute of Chartered Accountants of India (ICAI) has decided to issue a show cause notice to the auditors of Satyam Computer Services in the backdrop of Satyam Computers chairman B Ramalinga Raju's sensational revelations on Wednesday. Talking to ET, ICAI president Ved Jain said: "We have set the ball rolling. On the basis of statements made by Mr Ramalinga Raju, ICAI has already initiated proceedings against the concerned auditor. Under legal provisions our disciplinary committee can take cognizance of information from external sources and initiate action against our members. On the basis of the statement, a show cause notice will be sent to the auditor of the Satyam Computer Services." Asked specifically, who the notice was being sent to, Mr Jain said: "I am told the audit firm was PricewaterhouseCoopers. A show cause notice will soon be sent to the auditor. This is indeed a situation where fingers are being pointed towards some chartered accountants." On the issue, an ICAI council member who declined to be named said: "As auditors, we definitely have a role to play. This incident gives the entire chartered accountants fraternity a bad name. If we unravel any wrong doings on the part of the auditors, the institute (ICAI) will initiate action against the concerned auditor. Auditors base their observations on documentary evidence provided to auditors and Mr Raju did not mention that the figures provided to auditors were wrong. However, if the auditors have failed, the institute will file an 'Information Case' against the concerned individual (at PwC, in this case) as a first step." The ICAI's Council is a core team that deals with critical aspects of running the Institute and policy matters involved as well as various accounting norms. Experience, however, shows the process of ruling on such cases takes time. For instance, ICAI had initiated proceddings against the auditors of the erstwhile Global Trust Bank (GTB) a couple of years ago. The case is yet to be diposed off, the council member said.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting