« Professional Updates »  Advanced ICITSS is Scheduled on Sundays, the 15th March, 2020 and 12th April, 2020 from 10.30 AM to 12.30 PM (IST).a  ICAI Invites Suggestions on Tax Proposals of Union Budget 2020-21.  Special Examinations - MRA / MOU, June 2020  Empanelment of Members to act as Observers at the Examination Centres for The Chartered Accountants Examinations May, 2020  CPE Events 27th January -1st February 2020  Register for Fourth Exclusive Batch of German Language (120 hours) for ICAI Members and Students at Delhi. Last Date - 29th January, 2020  CMI&B of ICAI is conducting 51st Campus Placement Programme in the month of Feb-March, 2020.  Office hours arising out of Security Arrangements for Republic Day - 2020  Certificate Course on Forex and Treasury Management –Forthcoming Batches at Noida & Mumbai  Result of the Information Systems Audit [ISA] Assessment Test held on 28th December 2019 is likely to be declared on Thursday, 16th January 2020 (evening)/ Friday, 17th January, 2020.   DAAB of ICAI releases Digital Competency Maturity Model for Professional Accounting Firms - Version 2.0 and Implementation Guide «  Postponement of the ICAI- NFCG International event scheduled... ICAI approves three new Standards on Internal Audits... » ICAI to issue a show cause notice to Satyam auditors, PwC January, 08th 2009 The Institute of Chartered Accountants of India (ICAI) has decided to issue a show cause notice to the auditors of Satyam Computer Services in the backdrop of Satyam Computers chairman B Ramalinga Raju's sensational revelations on Wednesday. Talking to ET, ICAI president Ved Jain said: "We have set the ball rolling. On the basis of statements made by Mr Ramalinga Raju, ICAI has already initiated proceedings against the concerned auditor. Under legal provisions our disciplinary committee can take cognizance of information from external sources and initiate action against our members. On the basis of the statement, a show cause notice will be sent to the auditor of the Satyam Computer Services." Asked specifically, who the notice was being sent to, Mr Jain said: "I am told the audit firm was PricewaterhouseCoopers. A show cause notice will soon be sent to the auditor. This is indeed a situation where fingers are being pointed towards some chartered accountants." On the issue, an ICAI council member who declined to be named said: "As auditors, we definitely have a role to play. This incident gives the entire chartered accountants fraternity a bad name. If we unravel any wrong doings on the part of the auditors, the institute (ICAI) will initiate action against the concerned auditor. Auditors base their observations on documentary evidence provided to auditors and Mr Raju did not mention that the figures provided to auditors were wrong. However, if the auditors have failed, the institute will file an 'Information Case' against the concerned individual (at PwC, in this case) as a first step." The ICAI's Council is a core team that deals with critical aspects of running the Institute and policy matters involved as well as various accounting norms. Experience, however, shows the process of ruling on such cases takes time. For instance, ICAI had initiated proceddings against the auditors of the erstwhile Global Trust Bank (GTB) a couple of years ago. The case is yet to be diposed off, the council member said.