| 
| ICAI sets up special committee to look into Satyam audit
New Delhi: Chartered accountants body ICAI today constituted a six-member special committee to look into the auditing of crisis-hit Satyam Computer, whose disgraced founder chairman Ramalinga Raju has confessed to fudging accounts.
The special committee will be headed by ICAI Vice-President Uttam Prakash Aggarwal and submit its report on the Satyam auditing issue on February 11, a spokesperson of the regulator said.
New Satyam board swings into action
ICAI council members -- S L Dogra, Amarjeet Chopra, Subodh Aggarwal and Akshay Gupta -- are members of the special committee. A government nominee -- K R Maheshwari, a banker and chartered accountant -- is the sixth member.
The committee will go to the root of the matter, ICAI President Ved Jain had said yesterday, after the institute council's meeting.
25 lawyers to defend Ramalinga Raju
ICAI is scrutinising the role of PwC, which audited the accounts of Satyam Computer, whose accounts had been fudged to show inflated profits.
Satyam shadow clouds IT firms Q3 results
The regulator has given showcause notice to PwC and asked it to submit all balance sheets, financial statements and related documents of Satyam Computer audited by it.
More India business stories | Get the latest Sensex update
If found guilty, individual auditors could face a lifetime ban, but no action could be taken against PwC by ICAI.
| 
| © Copyright Sify Technologies Ltd, 1998-2009. All rights reserved. India News Portal, Sify.com hosted at SifyHosting India's first Level 3 Internet Data Centre. Site optimized for Internet Explorer 5.5 and above. See Disclaimer | Privacy Policy & Parental Guidance on pornography | careers@sify | About Us | Feedback | Advertise |