Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: VAT Audit :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4%
 
 
« Auditing »
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor
 Firms appoint new auditors in shift to meet new standards
 Cadre restructuring in I-T dept may open scrutiny of closed cases
 RBI issues new guidelines on concurrent auditing at branches

Arrested auditors not part of PW: CID
February, 03rd 2009

The CID on Monday levelled serious allegations against auditors of Pricewaterhouse and its two Hyderabad partners S Gopalakrishnan and
Srinivas Talluri by claiming that the company had no branch in Hyderabad and that these two had no connection with the firm.

Seeking a five-day police custody of Gopalakrishnan and Srinivas, CID's special public prosecutor K Ajay Kumar told sixth additional chief metropolitan magistrate D Ramakrishna that a prima facie case has been made against these two arrested auditors who were never a part of PW at any point of time. "They are only a part of a Delhi-based auditing firm Lovelock and Lewis," he said.

Kumar said the additional director general of CID has written to the director of ICAI to verify this aspect and for providing more information on the issue. "In order to know the deeper nexus between the arrested auditors, PW and the accused in this scam, the police custody of the auditors is very much essential," Kumar said, arguing that Pricewaterhouse and PricewaterhouseCoopers are two different entities.

Counsel for the auditors Cherukuri Mastan Naidu told the court that PricewaterhouseCoopers is not an auditing firm but a partnership firm dealing with Satyam. "Pricewaterhouse is an auditing firm which has its branch office at Jubilee Hills in Hyderabad which can be verified through the service tax it has been paying," he said.

According to the defence counsel, ICAI, a statutory body, has given a certificate to the effect that Pricewaterhouse has branches in New Delhi, Mumbai, Chennai, Hyderabad and Kolkata. "There can be instances of a member of this body being partner in more than one firm which is an acceptable practice. The CID is seeking the custody of the auditors only to deny them their fundamental rights after keeping them in its custody for 11 days earlier. It is time for the court to set them free on bail," Naidu said.

The magistrate reserved his order on the CID custody petition for Tuesday. The bail petitions of Gopalakrishnan and Srinivas, moved by the counsel of the accused on Monday, will also come up on Tuesday. The bail petition of D Gopalakrishna Raju, the arrested GM of SRSR advisory services, too is slated to come up for hearing on Tuesday.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions