ICAI seeks permission to examine sacked PW professionals
March, 19th 2009
The Institute of Chartered Accountants of India today filed an application in a local court here seeking its permission to examine and record statements of three chartered accountants, including Satyam's former CFO Vadlamani Srinivas.
ICAI counsel G Gopalakrishna Murthy told the XIV additional chief metropolitan magistrate's court that the professional body wanted to find if there was any misconduct on the part of the former Satyam CFO and two sacked auditors of Price Waterhouse (PW) S Gopalakrishnan and Srinivas Talluri in the Rs 7,800-crore Satyam fraud case.
The two sacked PW auditors had audited the account books of the IT firm. Former CFO Vadlamani is a member of ICAI.
Murthy informed the court that as per the Chartered Accountants Act 38 of 1949, ICAI could regulate the profession of chartered accountants and also take disciplinary action against erring auditors.
Murthy further told the court that ICAI had also formed a seven-member high-level committee to look into the entire gamut of Satyam fiasco to identify the root cause of fudging of accounts of the company.
He pleaded that any two of the committee members be allowed to visit the jail here where the accused were lodged to examine and record their statements.