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 | PPE Safety Kit SITRA Approved | PPE Safety Kit
Professional Updates »
  Relaxations provided to the corporates by MCA and SEBI from Regulatory compliances due to outbreak of COVID-19 pandemic by CL&CGC ICAI
 Important Announcement - DMBF August 2020 Examination
 Review Engagements on Interim Financial Information in the Current Evolving Environment Due to COVID-19
  ICAI directs students to upload XIIth Mark Sheet for Confirmation of Foundation Registration
 ICAI directs students to upload XIIth Mark Sheet for Confirmation of Foundation Registration
 Application forms for IRM, ITL&WTO, INTT-AT Exams - November, 2020
 Invitation for contributing in development of Background Material for Certificate Course on SDGs, BRR and IR and Executive Development Program on BRR
 Important Announcement regarding Additional Examination Centres
 Exposure Draft of Guidance Note on Revenue from Operations in case of Contractors (Last date of comments: August 31, 2020)
 Frequently Asked Questions on the SEBI Settlement Scheme, 2020 - One Time Settlement Scheme issued by the Securities and Exchange of Board of India on 27th July,
 SEBI Settlement Scheme, 2020 - One Time Settlement Scheme

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 | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting