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Satyam fraud an aberration, not system failure: ICAI chief

The Satyam fraud is an aberration and not a system failure, and accounting, auditing and ethical standards in the country are world-class, Institute of Chartered Accountants of India President Ved Jain said.

business Updated: Jan 27, 2009 10:30 IST
PTI

The Satyam fraud is an aberration and not a system failure, and accounting, auditing and ethical standards in the country are world-class, Institute of Chartered Accountants of India President Ved Jain said.

"Our accounting, auditing and ethical standards are world-class...They are well-placed," Jain told reporters on the sidelines of a function in Mumbai.

"I have been telling constantly that Satyam is not a system failure...Satyam is an 'aberration'. It is human greed, human desire, which made all this (Satyam fraud) possible," he said.

According to Jain, it was Satyam's founder B Ramalinga Raju, who was involved in the financial manipulations in the company's accounts.

"I am not talking about the auditors. I am talking about Satyam founder...Ramalinga Raju, who did all these manipulations. Now, who all are involved with him is a matter of investigation, which has to come out," he said.

When asked about role of Price Waterhouse (PwC), the statutory auditor of scam-tainted Satyam, Jain said "the information coming is that the financial statements of Satyam were not correct. It will be the investigation which will reveal where things went wrong."

First Published: Jan 27, 2009 10:29 IST