ICAI issues show cause notice to Satyam

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Ramalinga Raju
Mangalore, Jan 20: The Institue of Chartered Accountants of India (ICAI) Central Council member K Raju on Monday, Jan 19 said he has decided to serve a show cause notice to auditors of the disgraced Satyam Computers.

"ICAI has decided to serve show cause notice to the auditors who have prepared the balance sheet of Satyam Computer," Raju said.

"ICAI had appointed a six-member high power committee to look into the Satyam fiasco and it will submit a report soon," he said, while addressing the 'Investors Awareness Programme', organised by the Mangalore chapter of ICAI in association with Kanarataka Chamber of Commerce and Industry (KCCI) in Mangalore.

The Indian Financial Reporting Standards (IFRS) would be made mandatory for all large scale companies by 2011 April, said Raju.

On huge demand for accounting professionals, he said ICAI would start six certificate courses on specialised sectors for the ICAI members.

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OneIndia News (With inputs from Agencies)

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