There is no lapse in the standard of accounting and auditing ethics in India. Satyam shock is just an aberration or an accident, said Mr Ved Jain, president of the Institute of Chartered Accountants of India.
Speaking on the sidelines of an ICAI awards function for excellence in financial reporting, Mr Ved said that the investigating committee constituted by the institute on the fallout of Satyam Computer Services scam would come out with its recommendations by February 11. Exemplary punishment will be given to those who are found guilty.
On being asked as to whether the Satyam fiasco is the outcome of faulty accounting system, Mr Ved rebuffed saying that, Satyam is a culmination of excessive human greed. We follow one of the best accounting practices in the world.
In a ceremony held on January 25, ICAI gave awards for excellence in financial reporting in the categories like manufacturing and trading enterprises, banking and financial institutions, service sector, insurance sector, information technology, infrastructure and construction and also in other category (which includes educational institutions, charitable hospitals, NGO etc.).
The winners for gold shield in the above mentioned categories are respectively Dr. Reddys Laboratories, ICICI Bank, Bombay Stock Exchange, ICICI Prudential Life Insurance, Nucleus Software Exports, TATA Power and Vidya Dairy.