ICAI president: CAs being targeted post-Satyam scam
March, 26th 2009
Institute of Chartered Accountants of India (ICAI) doesn't seem to have taken the growing doubts over the credibility of chartered accountants (CAs) post-Satyam scam very kindly. President of ICAI Uttam Prakash Agrawal said here on Wednesday that CAs are being targeted unnecessarily in the Rs 7,000-crore scam that jolted the entire nation a few months ago.
Agrawal himself is heading a high-profile committee that is probing the scam. "There is no proof, as of now, that any CA was involved in the multi-thousand crore scam. All the agencies are currently investigating the case only on the basis of Satyam Computer's former boss Ramalinga Raju's statements," Agrawal told TOI.
"None of the CAs have been found guilty yet. But, still questions are being raised over their credibility and professional ethics. Investigations, as of now, haven't been able to prove even the auditors' fault," said Agrawal,
Agrawal said that ICAI has laid down strict disciplinary rules for the CAs and if any of their members was found guilty in the Satyam scam, then the institute will take strict action against them. "I have proposed new accounting standards in which the CAs will be able to play a pro-active role by examining the accounts and their authencity more deeply. And we have put hearing of anti-disciplinary complaints against CAs on fast track," he added.
Agrawal also expressed concern over the growing interference of the management in CAs work. "We have one of the best accounting and auditing systems in the world. But most of the times, the management doesn't implement the rules properly. In fact, most companies don't want to give more power to CAs so that they can work independently," he pointed out.
Foundation laid for new building
ICAI president Uttam Prakash Agrawal laid the foundation stone for the organiation's new office building in the city on Wednesday. The new ICAI Bhawan will come up on a 30,000-square feet plot at Atladara on city outskirts. The building will house administrative offices, library and fully-equipped air-conditioned modern auditorium with a capacity of more than 200 people.