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ICAI Act needs amendments
July, 14th 2009

Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam.

"I can see that some amendments (in ICAI Act) are called for but we would like to see what their (ICAI) perspective is,"  Khurshid told reporters here.

However, he refused to give further details, saying, "Let us see the report (of the High Powered Committee of ICAI). We also have our own assessment."

Following the Satyam scam, ICAI President Uttam Prakash Agarwal had said the institute had requested the Corporate Affairs Ministry to give more powers to chartered accountants.

"If accounts are not up to the standard, I should have the right to tell you that you should restate your accounts. Now, even knowing that everything is wrong, we simply write four lines that accounts are not up to the mark," he had said.

Accounts and financial statements are prepared by the management and the responsibility lies with them. Auditors never write the book of accounts.

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