Business Daily from THE HINDU group of publications
Sunday, Jan 11, 2009
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Business Daily from THE HINDU group of publications Sunday, Jan 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Auditing Info-Tech - Software ICAI issues notice to Price Waterhouse K.R. Srivats New Delhi, Jan. 10 The auditing profession regulator Institute of Chartered Accountants of India (ICAI) has ruled out the introduction of the concept of mandatory audit firm rotation for listed companies. It is of the view that the periodic rotation of the engagement partner would suffice to address the threat of over-familiarity with the client, without losing accumulated experience and knowledge. Council meetThe central council meeting slated for Monday will see deliberations on the role of Price Waterhouse, as the statutory auditor of Satyam Computer Services, and the future course of actions that may be required from the institute, the ICAI President, Mr Ved Jain, told Business Line here. Meanwhile, ICAI on Saturday issued a notice to Price Waterhouse pointing to the Satyam Chairman, Mr Ramalinga Raju’s confession letter of financial fraud. The audit firm has 21 days to respond to the notice. “We have said in our notice to Price Waterhouse that in view of the developments, please inform us who are the persons in the firm who are accountable for this. No partner name has been mentioned in the notice. The notice is on the firm and relates to all financial statements audited by the firm including the limited reviews for quarterly financial reports filed with stock exchanges,” Mr Jain said. Price Waterhouse has to answer More Stories on : Auditing | Corporate Governance | Software | Industry Associations
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