Satyam scam good for corporate governance: ICAI

Ahmedabad: The apex body of chartered accountants, Institute of Chartered Accountants of India believes that Satyam scam is the best things that could happen, as in the near future, it would help to improve the level of corporate governance in the country, reports Economic Times.

Amarjit Chopra, President, ICAI said, "Satyam is a study in itself and a matter of research also. I think in periods to come you will find that it will help to improve the levels of corporate governance in the country. Probably, Satyam is the best things that could happen because it shall now prevent frauds in future."

Telling about the lessons learnt from Satyam scam, Chopra said that the multi-crore Satyam scam is a case study before the fraternity, which was primarily more a scandal of corporate governance. "It was the failure of audit committee chairman to raise the issue of funds to the tune of Rs 2,000 crore lying in Satyam's current account, otherwise the scam could have surfaced much earlier. In the wake of this magnitude scam we have urged the government to fix obligation of independent directors and what kind of role they can play in a firm," said he.