However, he refused to give further details, saying, "Let us see the report (of the High Powered Committee of ICAI). We also have our own assessment."
Following the Satyam scam, ICAI President Uttam Prakash Agarwal had said the institute had requested the Corporate Affairs Ministry to give more powers to chartered accountants.
"If accounts are not up to the standard, I should have the right to tell you that you should restate your accounts. Now, even knowing that everything is wrong, we simply write four lines — that accounts are not up to the mark," he had said.
Accounts and financial statements are prepared by the management and the responsibility lies with them. Auditors never write the book of accounts.
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