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: VAT Audit :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment
 
 
ICAI »
 Exposure Draft of Appendix B of Ind AS 21, Foreign Currency Transactions and Advance Consideration
 Exposure Draft of Transfers of Investment Property, Amendments to Ind AS 40, Investment Property
 Next batch of the Certificate Course on Valuation at Delhi/Noida from 22nd April, 2017.
 Supplementary Notification of Common Proficiency Test scheduled to be held on 18th June, 2017 (Sunday).
 Regarding Inviting application by MCA for filling of 12 posts of Technical Member in National Company Law Tribunal under Section 408 of the Companies Act, 2013
  Certificate Course on Forex and Treasury Management - forthcoming batches at Mumbai, Chennai & Noida.
 Constitution of Group for formulating the Detailed Action Plan - Ministry of Corporate Affairs
 CPE Events 20th March - 25th March 2017
 Invitation for contributions to Question Bank in respect of Information System Audit-(Assessment Test (ISA-AT) (New Syllabus)
 Reconstitution of Group for Rohini Land at Delhi
 Group to review the Terms of Reference of Infrastructure Development Committee

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 2017 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