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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« ICAI »
 Launch of 1st Batch of Educational Course by ICAI Registered Valuers Organsiation (ICAI RVO) at ICAI Bhawan, Sector- 62, Noida from 2nd June, 2018 to 24th June, 2018.
 Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018.
 Information System Audit - Assessment Test (ISA - AT), June 2018
 FAQs on SA 570 (Revised), ‘Going Concern’ (Applicable for audits of financial year 2017-18)
  Exposure Draft of Standard on Internal Audit (SIA), Planning the Internal Audit Assignment (Comments to be received by June 15, 2018)
 Four Weeks Residential Programme to be held from 4th June, 2018 to 1st July, 2018 at Centre of Excellence, Jaipur for Men Participants only.
 Inputs/ Suggestions Invited on Draft Revised Syllabus for the Post Qualification Course on Information Systems Audit formulated by Digital Accounting and Assurance Board of ICAI latest by 31st May, 2018.
 Exposure Draft of Accounting Standard (AS) 109, Financial Instruments (Comments to be received by June 30, 2018)
 Register for Exclusive First Batch of Spanish Language (60 Hours) for ICAI Members and Students at Delhi and Mumbai - 4th June 2018 - Last Date of Enrolment is 21st May 2018
 FAQ on accounting treatment of increase in liability due to enhancement of the gratuity ceiling.
 SAFA accepts recommendation of the ICAI for forming SAFA Women Empowerment Committee and replicating the digital initiatives of ICAI.

ICAI body finds PW guilty in GTB audit
February, 10th 2009

In a major setback to auditing firm Price Waterhouse, already under fire for its role in the Satyam scam, two of its partners have been found guilty of "professional misconduct" by the disciplinary committee of Institute of Chartered Accountants of India (ICAI) in the auditing of Global Trust Bank (GTB) that collapsed in 2004. Sources said one of the auditors found guilty is S Gopalakrishnan (though it could not be confirmed), the partner who also audited Satyam's books and has been suspended by Price Waterhouse.

ICAI president Uttam Prakash Aggarwal told TOI that the disciplinary committee had completed the hearing in two of the three financial years being looked into. "Two partners have been found guilty of professional misconduct. The disciplinary committee will now be submitting the report to the ICAI Council for further action," he said, though refusing to identify them.

Aggarwal said the council will now look into the report, but will also give "one more opportunity" to the partners to respond. "We have to follow the stipulated process," he said, justifying the step in the wake of criticism that ICAI has been very slow in taking action.

Sources said the partners could face "serious action" as the disciplinary committee is believed to have pointed to questionable lapses. However, there may not be any immediate action, especially as Gopalakrishnan is in jail over his role in the Satyam audit and thus may not explain his position immediately. In any case, the council will take its time to agree, or disagree, with the disciplinary committee and the decision it takes would have to be approved by a high court.

Price Waterhouse was accused of negligence in auditing the books of GTB and failing to detect huge levels of non-performing assets NPAs. The NPAs had accumulated due to massive exposure made by the erstwhile bank into the stock market which Price Waterhouse auditors are alleged to have overlooked. RBI had complained to ICAI about the auditors work in 2004 and the ICAI referred the issue to the disciplinary committee in August 2007

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

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