I DO AGREE.
      The central Council M embers must resign from the council of the ICAI, Other wise they should be Sacked by the Government by exercising their power.
      CA ,CMA. ANL CHOWDHRY.

On Tue, 13 Jan 2009 Agarwal & Saxena wrote :
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>Dear Friends
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>Although the mail reproduced below says it all- the last few days I feel have been a period of great turmoil for me as a member of this august profession. My dilemma lies in my inability to answer:
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>- My parents
>- My Children
>- My Clients
>- My relatives
>- My friends
>- My neighbours
>and all those who i am introduced to as a "CA" or known as a professional - one simple question - How could this have happened under the eyes of one of the "best" auditors of our country with the best international practices????? Even my daughter who is pursuing CA as a profession cannot believe this could ever have happened using normal audit techniques she is aware of !!
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>My son the other day enquired whether anybody important had resigned as a result of the "fall out"just like you have demands for resignations/actual resignations of the Minister concerned in any national calamity etc. I was dumbfounded and chose to remain silent and meekly replied "not as yet".
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>Friends I cannot understand as to why there have been no resignations from the concerned Central Council members- How can you expect the enquiries to be "just" with "tainted" council members in important executive committees of the ICAI? What is taking them so long? Why do they need to be coaxed to "act"? ("inaction" I presume is the key word in PWC)
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>A statement by PWC the other day in defence came out something like this ".... the audit was carried out as per applicable auditing and accounting standards issued by the ICAI... supported by evidences and documents......." . I can only conclude one way: either the ICAI needs to redraft the referred standards or PWC needs to "revisit" these standards!!
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>I am not prejudiced against any member as such- but YES!! I WANT TO SAVE THE PRIDE OF MY PROFESSION!!
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>I want the ICAI to carry out a massive face saving exercise- a resurrection exercise!!! We need to tell the world that this was an exception and does not apply to the entire CA fraternity.
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>CA- Alphabets of trust???  Yes!! Yes!! But the world needs to know!!
>
>
>CA Anil K. Saxena
>B.Sc.,FCA, D.I.S.A.(ICA)
>Agarwal & Saxena
>Chartered Accountants
>510-11, City Centre, 63/2,
>The Mall, Kanpur - 208004
>Tel: 0512-2330164/166 *
>Telefax: 0512-2330177
>e-mail : agasax@...
>            anilksaxena@...
>The information in this email is confidential and intended solely for addressee. Access to this email by anyone else is
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>
>
>Controversial auditor stays in council
>January, 12th 2009
>Just when the Institute of Chartered Accountants of India (ICAI)
>probes allegations of fraud against auditors of Pricewaterhouse in
>the Satyam and Global Trust Bank (GTB) cases, an auditor from the
>firm who was part of both the audits continues to sit on the all-
>important council of the accounting regulator, raising many eyebrows.
>
>According to sources, the concerned senior auditor of
>Pricewaterhouse is already a suspect for being part of the audit
>team that worked on GTB. ICAI's disciplinary committee is
>investigating the matter after hauling up Pricewaterhouse' s audit
>team for alleged negligence in auditing of books of accounts of the
>bank and failing to detect its huge levels of NPAs.
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>The probe into the GTB issue has been on for the last three years,
>though the ICAI is yet to arrive at a final decision on the matter.
>When asked why has it still not completed its investigation into the
>GTB case, ICAI president Ved Jain blamed the slow pace of progress
>to the provisions contained in the CA Act before a November 2006
>amendment. "The 2006 amendment allows us to expeditiously complete
>disciplinary action. However, the GTB case was taken up before this
>amendment and therefore it has been stuck in slow progress," he said.
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>Just when the ICAI probes the GTB issue, the senior auditor of
>Pricewaterhouse continues to remain on its council, that carries the
>task of managing ICAI's affairs. The same auditor is now believed to
>have been caught on the wrong foot again, having been part of
>Pricewaterhouse' s audit team that worked on Satyam books in the
>previous years.
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>The auditor's presence on the ICAI council has irked some of the
>senior chartered accountants who, requesting anonymity, also
>criticise the CA body for its slow pace of action. "How can a person
>who was part of two suspect audits still continue on the ICAI's
>council, especially when inquiry is on in the matter. Moreover, had
>the ICAI taken quick action on the GTB matter, it is possible that
>the concerned auditor would not be part of the Satyam audit team
>that is under doubt now for alleged misconduct," they said.
>
>According to sources, the concerned Pricewaterhouse auditor also
>chairs one of the non-standing committee of the ICAI.
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