Satyam, not a System Failure – ICAI Chief
"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," says Institute of Chartered Accountants of India President Ved Jain. "Our accounting, auditing and ethical standards are world-class...they are well-placed," he adds. And, "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"
Poor rich Raju apparently was all alone when he manipulated the accounts for years and the innocent PwC was getting only five times the normal fees. Incidentally S. Gopalakrishnan , partner of PwC, now in jail, is a National Council Member of the ICAI.