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ICAI seeks details from all CA
June, 23rd 2009

Accounting regulator ICAI today asked all chartered account firms having foreign tie-ups to furnish information about their contracts with multinational entities and other details like income tax assessment orders for the last three years to the High Powered Committee (HPC) which was formed to probe the Satyam accounting fraud.

The Institute of Chartered Accountants of India (ICAI), which has already sent notices to 94 CA firms seeking details, today said the firms which have not received any communication so far to submit the details within 15 days.

Earlier, the Institute had asked 23 identified firms to submit details of their contract with multinational entities, remittances made to and received from the them along with partnership deeds to the HPC, chaired by President ICAI Uttam Prakash Agarwal.

The decision assumes importance in the light of the fraud in Satyam Computer, whose books of accounts were audited by Price Waterhouse, Indian arm of global auditing firm PricewaterhouseCoopers.

Following disclosure of fraud by Satyam founder B Ramalinga Raju, the institute constituted a seven-member committee headed by Agarwal to look into the role of auditors in the multi-crore scam.

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