Council to decide on draft report

22 Jun 2009

MANGALORE: The central council of The Institute of Chartered Accountants of India (ICAI) will meet within the next fortnight to take a final call on the draft report submitted by the high powered committee set up by it to go into la affaire Satyam. The council, which met in Mumbai two-days ago has had preliminary discussions on the draft report submitted by the committee and the ICAI will go public with its findings after the meeting.

ICAI president Uttam Prakash Agarwal told reporters here on Monday that the high powered committee headed by him had quizzed the Satyam higher ups indicted for their alleged role in the IT firm violating laid down procedures of corporate governance. The report has taken note of the various procedural lapses that have occurred in Satyam under Ramalinga Raju and will suggest steps to avoid its recurrence in Indian corporate set up.

Agarwal clarified that ICAI does not have powers to take disciplinary action against Price Waterhouse Coopers (PWC), auditors of Satyam, who allegedly fudged the balance sheet of the IT firm. But the disciplinary committee of ICAI will certainly take necessary action against the partners of PWC for any of their professional misconduct if proved as per findings of the committee and could lead to cancellation of their licenses, he said.