The fact that the government has still not got the report on the audit failure in the Satyam matter, seven months after the ICAI was asked to look into the matter, is simply not acceptable. ICAI delayed its verdict in even the Global Trust Bank case where the same partner of Price Waterhouse was involved. Little does ICAI realise that had it delivered its verdict on time in the GTB case, we may have been able to prevent the Satyam problem. Merely giving an interim report, with no conclusion emanating from their final report, even after January 7, 2009, does not augur well for the ‘apex accounting body’ entrusted with supervising and governing the country’s accounting professionals.
Ashok Jayram, Bangalore
