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Hyderabad, Aug. 29 The Institute of Chartered Accountants of India (ICAI) has initiated a second probe into the financial fraud at Satyam Computer Services.
Meanwhile, a central disciplinary committee will examine the recommendations of a high-powered committee of ICAI on the Satyam fraud next month.
The high-power committee, headed by the ICAI President, Mr Uttam Prakash Agarwal, submitted its report last month to the Ministry of Corporate Affairs.
``While I cannot disclose the contents, the report has over 25 recommendations on various aspects including the role of auditors in the fraud. The Director of discipline has already formed his opinion in the case,” Mr Agarwaltold newspersons here on Saturday.
The disciplinary committee would take up the matter in its meeting to be held in next 15 days, he added.
The high-power committee is also continuing its probe into the Rs 7,136-crore fraud.
“We will also submit a second report when we complete the probe,” Mr Agarwal said while declining to give a specific time-frame. Meanwhile, the ICAI has removed Mr S. Goplakrishnan, suspended partner of Price Waterhouse, which audited Satyam’s accounts from all non-standing committees.
“However, he continues to be a member of ICAI as the outcome of probe is still awaited,” Mr Agarwal said.
Earlier, while inaugurating the 41st regional conference of the Southern India Regional Council of ICAI, he said the institute is working with some banks and the Insurance Regulatory and Development Authority to design low-cost loan and insurance products for poor farmers.
The ICAI was also extending technology help to its counterparts in Nepal, Bahrain, Dubai and African countries, he added.
‘System failure’
Describing Satyam fraud as a “system failure”, the Andhra Pradesh Chief Minister, Dr Y. S. Rajasekhara Reddy, said CAs should be extra careful while giving certifications in view of the need to protect the larger societal interests.
Hyderabad, Aug. 29 The Institute of Chartered Accountants of India (ICAI) has initiated a second probe into the financial fraud at Satyam Computer Services.
Meanwhile, a central disciplinary committee will examine the recommendations of a high-powered committee of ICAI on the Satyam fraud next month.
The high-power committee, headed by the ICAI President, Mr Uttam Prakash Agarwal, submitted its report last month to the Ministry of Corporate Affairs.
``While I cannot disclose the contents, the report has over 25 recommendations on various aspects including the role of auditors in the fraud. The Director of discipline has already formed his opinion in the case,” Mr Agarwaltold newspersons here on Saturday.
The disciplinary committee would take up the matter in its meeting to be held in next 15 days, he added.
The high-power committee is also continuing its probe into the Rs 7,136-crore fraud.
“We will also submit a second report when we complete the probe,” Mr Agarwal said while declining to give a specific time-frame. Meanwhile, the ICAI has removed Mr S. Goplakrishnan, suspended partner of Price Waterhouse, which audited Satyam’s accounts from all non-standing committees.
“However, he continues to be a member of ICAI as the outcome of probe is still awaited,” Mr Agarwal said.
Earlier, while inaugurating the 41st regional conference of the Southern India Regional Council of ICAI, he said the institute is working with some banks and the Insurance Regulatory and Development Authority to design low-cost loan and insurance products for poor farmers.
The ICAI was also extending technology help to its counterparts in Nepal, Bahrain, Dubai and African countries, he added.
‘System failure’
Describing Satyam fraud as a “system failure”, the Andhra Pradesh Chief Minister, Dr Y. S. Rajasekhara Reddy, said CAs should be extra careful while giving certifications in view of the need to protect the larger societal interests.
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