Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Auditing »
Open DEMAT Account in 24 hrs
 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

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 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting