| Take more measures to restore public confidence: Govt to ICAI | ||
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New Delhi, Feb 4 Aimed at containing the damage caused to the reputation of the regulatory system by the Satyam scam, the government today asked ICAI to take more steps to restore public confidence. " While the ICAI has already moved with suitable actions, what is needed is to take further measures to build public confidence," Corporate Affairs Minister Prem Chand Gupta told chartered accountants at the annual function of the Institute ofChartered Accountants of India (ICAI).He said since a whole lot of regulators, financial institutions and banks, investors, shareholders depend on the certification by chartered accountants, it is necessary for them to"keep public interest in mind and ensure that provisions of law are observed". Stressing on the need to be proactive in adhering to high ethical standards, the minister said there should be no laxity in enforcing them in the professions. After the confessions of manipulation in the books of accounts by the promoter of IT company Satyam B Ramalinga Raju, the role of chartered accountants and auditors have come into limelight. The ICAI has already issued a show cause notice to thePriceWaterhouse (PW), auditors of Satyam, asking them to furnish five year records of the auditing done by them for Satyam. |
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