THE INSTITUTE of Chartered Accountants of India (ICAI) has so far made no headway in the proceed against the auditors for their alleged involvement in the Satyam scam.The disciplinary meeting was held on March 31,2010.
Hyderabad-based Satyam has been India’s biggest corporate fraud inquiry after founder B. Ramalinga Raju confessed in January 2009 to have misstated accounts to the tune of Rs7,136 crore over a period of several years.
The government asked ICAI, to look into auditing lapses at Satyam. One such auditor PWC, one of the world’s big four auditing firms, also came under scrutiny following the scam. Some executives at the big four accounting firms, however, see the report as ICAI’s bid to discredit them.
ICAI, however, maintained that the regulatory body is making enough efforts to solve the case and says that such issues can’t be solved overnight.
