ICAI: Can complete Satyam audit probe in 3 months after verdict
March, 16th 2011
The Institute of Chartered Accountants of India (ICAI) today said it expects to complete the investigation against the auditors of Satyam Computers in three months from the day the Delhi High Court , where the case is being heard, gives a final verdict.
"We will be able to complete investigation in just three months, however, it depends on what comes out after the March 17 hearing of Satyam, which is due in the Delhi High Court ," ICAI President G Ramaswamy told reporters here.
It also plans to move the Supreme Court for allowing it to go ahead with disciplinary proceedings against the auditors, including PwC, in the multi-million dollar Satyam fraud that shattered the image of India Inc in 2008.
Audit firm PwC has been alleged to have not properly audited the financial statements of Satyam Computer.
On other initiatives of ICAI, Ramaswamy said it has given a presentation to the Ministry of Higher Education to create a committee.
It will support private educational institutions in streamlining their audit and raising the level of their governance and in bringing out their financial statements in compliance with accounting standards.
He also said proper disclosures on foreign donations to NGOs are needed.
Besides, he has recommended to the Ministry of Corporate Affairs to take steps for notifying accounting standards for implementation of IFRS.