As the scam broke out ICAI devised a method to shirk of the professsional responsibility when it devised a new format of audit report. This begins with a disclaimer  Financial statements are the responsibility of the Management and our responsibility is to express our opinion on these financial statements based upon our audit. There can not be nicer way to escape accountability and responsibility. These people cried from the roof top when Government suggested a watchdog body to oversee their operations. 

The average salary of an IT Professional is about Rs.30000 PM. A Company employing about a lac of such people need to pay 3600 crores towards salary alone. That is to say the employee cost of such a Company earning about 10000 crores of revenue will be 36%. What sort of a business model is that is anyone's guess. Questionable accounting practices like capitalisation of intererst,.not providing for even known liabilities concealing them under contingent liabilities without adequate disclosures have been the order of the day. In a country when a Farmer who toils for 365 days in a year on his farm of say one acre hardly gets Rs.20000 per annum a fresh graduate out of IT school gets 360000 PA No one seems to have bothered about whether it actually contributes anything to our society except that the price sprial goes out of the reach of our common man.  A time has come to order a complete audit of all bell weather companies which have been reporting huge profits for year after year Will Government do that so that the chieftans of this highly pampered industry are taken to task