March 30, 2022
Saugata Roy’s clarification regarding steps to prevent CAs from bloating the seizures of companies
The Minister gave a very cool and reasoned reply for which I must thank her. But she did not mention why in the
past so many years, chartered accountancy firms, some with global reputation, botched up the accounting in case of Satyam Computers, and later in the case of IL&FS. The Minister has proposed some steps to discipline the Chartered
Accountants. The Minister has also stated clearly that we shall never be able to produce a Deloitte or a KPMG or a PwC. That is beyond our capacity. Now, I would like to know from the hon. Minister the specific steps that she is going to take to prevent Chartered Accountants from bloating the figures of companies, so that they can cheat a trusting public. This law is not sufficient. The law was there earlier also. That harshness towards erring auditors was not audible in the Minister’s reply, but otherwise she gave a very cool and reasoned reply for which I must thank her again.
