Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Professional Updates »
Open DEMAT Account in 24 hrs
  Auditing and Assurance Standards Board - Online Panel of Experts for addressing Bank Branch Audit related queries
 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
 Important Announcement for May-June 2024 CA Examinations

Satyam fraud an aberration, not system failure: ICAI chief
January, 27th 2009

The Satyam fraud is an aberration and not a system failure, and accounting, auditing and ethical standards in the country are
world-class, Institute of Chartered Accountants of India President Ved Jain said.

"Our accounting, auditing and ethical standards are world-class...they are well-placed," Jain told reporters on the sidelines of a function here.

"I have been telling constantly that Satyam is not a system failure...Satyam is an 'aberration'. It is human greed, human desire, which made all this (Satyam fraud) possible," he said.

According to Jain, it was Satyam's founder B Ramalinga Raju, who was involved in the financial manipulations in the company's accounts.

"I am not talking about the auditors. I am talking about Satyam founder...Ramalinga Raju, who did all these manipulations. Now, who all are involved with him is a matter of investigation, which has to come out," he said.

When asked about role of Price Waterhouse (PwC), the statutory auditor of scam-tainted Satyam, Jain said "the information coming is that the financial statements of Satyam were not correct. It will be the investigation which will reveal where things went wrong."

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting