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ICAI report Satyam fraud on July 9
June, 29th 2009

The high-powered committee set up by the Institute of Chartered Accountants of India (ICAI) to look into the multi-crore fraud at erstwhile Satyam Computer will submit its report on July 9.

"We will submit the report to the Ministry of Corporate Affairs on July 9 after we finalise the report at the final internal meeting by the committee on July 4 at Agra," ICAI President U P Agarwal told PTI.

He was in the city for the convocation programme of the institute's eastern region chapter held today.

Agarwal heads the high-powered committee, which has six other members, and it looks into financial reporting, accounting and auditing aspects with regard to the Satyam fiasco, reviews the shortcomings and recommends plugging loopholes against such frauds.
Declining to go into the report aspects, he said, "We want that chartered accountants should be empowered so that they can force the management to change the accounting of a company if they think it is not in best of the practice."

Speaking about the profession at the current economic scenario, Agarwal said, "Recession has no impact on our profession." In the campus placement this year, total 600 students were placed. The average salary had increased to Rs 6.91 lakh from Rs 5.7 lakh last year.

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