Auditors PriceWaterhouse and Ex-CFO of Satyam guilty says ICAI

Auditors PriceWaterhouse and Ex-CFO of Satyam are guilty according to ICAI – The Institute of Chartered Accountants of India. ICAI has found two top officials of Satyam Computer and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore fraud case. This was revealed by ICAI president, Uttam Prakash Agarwal to media.

ICAI has also found audit firms — Price Waterhouse, Kolkata and Price Waterhouse, New Delhi — prima facie guilty of misconduct.

Two Satyam officials found “prima facia guilty” are ex-CFO V Srinivasu and senior V-P, internal audit cell, V S Prabhakara Gupta. Srinivasu failed to carry out the statutory duties as Satyam’s CFO, while Gupta failed in carrying out the internal audit of accounts of the firm.

The disciplinary committee of ICAI found four auditors from Price Waterhouse, Bangalore — S Gopalakrishnan, Srinivas Talluri, P Shiva Prasad and C H Ravindranath prima facie guilty of professional misconduct. Prasad and Ravindranath were part of the audit team for Satyam Computer while Gopalakrishnan and Talluri signed the balance sheet.

The disciplinary committee of ICAI will now issue notices to all those found prima facie guilty for their written statements which are to be submitted within 30 days. If any person found prima facie guilty do not submit statements within the stipulated period, ICAI would further start the process of personal hearing by issuing notices.

This will have deep impact on the image of audit form Price Waterhouse in India and abroad.

Have any opinion,  question or view – write in the comments below.

Related posts

• The mystry of missing 5000 crore – By Ramalinga Raju (Now on stands) (0)
• Satyam CFO Vadlamani Srinivas blames Raju and for fraud (0)
• Satyam CFO Srinivas Vadlamani attempts suicide? (0)
• Ramalinga Raju suffered Heart Attack (0)
• Ram Mynampati resigns from Satyam – major senior management reshuffle at Mahindra Satyam (0)