Sunday, April 27

ICAI to ban 3 auditors in Satyam Case

Accounting regulator ICAI will soon officially bar three of its members - Srinivas Talluri, S Gopalakrishnan and V Srinivasu - from practising as chartered accountants after being found guilty in the fraud perpetrated at erstwhile Satyam Computer Services.

The Institute of Chartered Accountants of India (ICAI) began looking into the role of auditors since 2009, the year when the Satyam scam, one of the biggest corporate frauds in the country, came to light.

ICAI President K Raghu today said the three have been barred from practising as chartered accountants for lifetime and their names would be removed from the institute's register of members soon. The same would be gazetted.

Talluri and Gopalakrishnan were part of Price Waterhouse and Company of India at Bangalore - the statutory auditor of Satyam from 2000 till 2009. Talluri was signing partner and engagement leader of the audit team while Gopalakrishnan was partner.

V Srinivasu was then senior vice president and director at Satyam.

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A disciplinary panel of the institute had found them guilty of professional misconduct in carrying out the audit of the books of Satyam.

The name of another ICAI member Prabhakar Gupta, who was also found guilty with regard to Satyam fraud, has already been removed from the register, according to Raghu.

In the case, the accounting regulator had barred two other members - P Sivaprasad and Chintapatla Ravindernath - for professional misconduct.

Their cases are now pending before court, Raghu told reporters here.

The founder chairman of Satyam Computer B Ramalinga Raju had fudged the company's accounts to the tune of more than 6,000 crore over a period of nine years starting from 2000. The misdeed was disclosed by Raju himself in January 2009.

Source -
Financial Express

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