ICAI meet hit by Satyam fiasco

The Satyam scam casts its shadow on the 29th regional conference of the Institute of Chartered Accountants of India (ICAI) that started today in the Chhattisgarh capital.

While most delegates said the scandal in the leading information technology (IT) company was a matter of grave concern for the country, they advocated stringent action against people involved in the scam.

“The investigating agencies are probing the matter so that stern action can be taken against the perpetrators of the crime,” ICAI President Ved Jain said at the inaugural session of the two-day conference.

Jain said the companies and corporate houses should avoid giving audit work to the chartered accountants against whom ICAI had taken action.

The government, corporate world and accounting firms should work jointly to find a solution to such problem.

Inaugurating the conference, Chhattisgarh Chief Minister Raman Singh said that the country’s image of the country in the IT world had received a big jolt following the scandal in the Satyam Computers.

“Satyam scam has be come a matter of serious concern because it happened at a time when India is creating a niche for itself in the world,” Singh said. He, however, attributed deteriorating moral values as one of the reasons for the Satyam scandal.