sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
ICAI »
 Summary of the Notification dated 2nd November,2018 regarding Provisions of The Companies (Amendment) Ordinance 2018
 7 Days' Residential Programme on Professional Skills Development on 16th to 22nd December at Hyderabad
 Conduct of CA Examination scheduled on 12th November 2018
 Apply for 12th ICAI Leaders & Business Excellence Awards being organised by Committee for Members in Industry & Business (CMI&B) by 15th December 2018
 Request to give suggestions on certain provisions of the Companies Act 2013 as per notice issued by MCA by 16th November 2018.
 Committee for Capacity Building Members in Practice, ICAI: Commencement of the first batch of the Certificate Course on Preparation of Appeals, Drafting of Deed & Documents and Representation before Appellate Authorities and Statutory Bodies at Mysore.
 Information System Audit - Assessment Test (ISA - AT), December 2018.
 Observations of the Candidates on the Question Papers of CA Examinations - November 2018
 ICAI-President's Message - November 2018
 Announcement for next examination of Certificate course on Forex & Treasury Management
  Technical Guide on the functioning of Audit Committee and its Review Checklist as issued by the CL&CGC of ICAI

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 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Enterprise Resource Planning Solutions ERP Solutions Enterprise Resource Planning Software Solutions ERP Software Solutions Supply Chain Management Solutions SCM Solutions Supply Chain Management Software Solutions SCM Software Solutions Enterprise Resource Planning Solutions India ERP Solutions India Enterprise Resource Planning Software Solutions India ERP Software Solutions India Supply Chain Management Solutions India SCM Solutions India Supply Chain Management Software Solutions India SCM Software Solutions India

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions