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Mangalore: ICAI High Level Committee to Probe Satyam Fiasco - K Raghu
January, 20th 2009

Institute of Chartered Accountants of India (ICAI) has formed a six-member high level team to go into the Satyam Computer Services fiasco that has drawn international attention, informed ICAI central committee member K Raghu.

He was speaking after inaugurating the investor awareness programme organized here under the joint aegis of  the ICAI  Southern India Regional Council Mangalore branch and Canara Chamber of Commerce and Industry on Monday January 19.

"ICAI vice president Uttam Prakash Aggarwal is heading the committee. The committee is expected to file its report within a month," he divulged. "The ICAI has already serves notices on the auditors of Satyam and also the partners of the audit firm who signed the report. ICAI will initiate further action after a report is received thereof," he explained.

"ICAI has already recommended to the government to enforce a system of joint audit for listed companies. Along with the auditors appointed by the company, an external auditor appointed by the Securities and Exchange Board of India (SEBI) should conduct the audit. In addition, we have recommended that the private sector banks also should be subjected to audit by the Reserve Bank of India auditors/inspectors, on the lines of the public sector banks, he explained.

At present, there are about 1.55 lac chartered accountants in the country, while three lac students are pursuing the chartered accountants degree course. ICAI has undertaken several measures for the benefit of the chartered accountancy sector. As regards the membership, we have entered into an agreement with the Chartered Accountants Institute England and Wales. This will immensely benefit our chartered accountants, "he claimed.

"Considering the increased demand for the profession, an Accounts Technicians course will be started soon. This will be the second layer of the chartered accounts professionals. For enabling the CA graduates to own additional skills, certificate courses in six subjects will also be started," he added. He further informed that in addition, the ICAI has also been conducting continuing education workshops.

"ICAI has been conducting awareness programmes to keep the investors posted of the latest position. Last year, 87 such programmes had been organized,"he said. He went on to explain about the investment opportunities, action plans and specific precautions that need to be taken by the investors before investing.

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