'Member-CAs to be punished if found guilty'

Apex body of CAs, the Institute of Chartered Accountants of India said severe punishment would be meted out to its member-accountants if they are found guilty in the Rs 7,800-crore accounting fraud at Satyam Computer Services.

Apex body of CAs, the Institute of Chartered Accountants of India on Monday said severe punishment would be meted out to its member-accountants if they are found guilty in the Rs 7,800-crore accounting fraud at Satyam Computer Services.

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"If any of the CAs, who are the members of the institute, are found guilty in the auditing, exemplary punishment would be waiting for them," ICAI President Uttam Prakash Agarwal said.

Stating that nothing had come on record so far suggesting the involvement of chartered accountants in the Satym scam, he said the probe by high power committee of ICAI would find out any lapse on the part of the auditors.