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: articles on VAT and GST in India :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARD :: empanelment :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: VAT RATES :: cpt
« News Headlines »
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016

ICAI investigations in Satyam case in final stages
March, 26th 2010

The Indian government Wednesday allayed apprehensions that accounting regulator ICAI was not working speedily against auditors involved in the accounting fraud in erstwhile Satyam Computers, even as the US counterpart has already banned two such auditors.

"The work is in final phase. ICAI is working on it...We should not say they are not working. We are moving forward," India's Corporate Affairs Minister Salman Khurshid told reporters on the sidelines of a Confederation of Indian Industry (CII) function here.

Earlier this month, the US regulator for auditors, Public Company Accounting Oversight Board (PCAOB), had barred Siva Prasad Pulavarthi and Chintapatla Ravindernath - senior executives with PricewaterhouseCoopers' associate Lovelock &

Lewes, the former auditor for Satyam Computers.

However, the Indian accounting regulator, Institute of Chartered Accountants of India (ICAI), is yet to complete its disciplinary committee hearings against two PriceWaterhouse

auditors involved in Satyam accounting -- S Gopalakrishnan and Srinivas Talluri--who were imprisoned and recently were granted bail.

Khurshid said, "We must keep in mind those two people were imprisoned... We will move forward very quickly... There is no reason to worry on what needs to be done."

The Minister said ICAI is awaiting certain documents, which could not be furnished earlier as the two auditors were in jail.

Siva Prasad Pulavarthi and Chintapatla Ravindernath were senior executives with PricewaterhouseCoopers' associate Lovelock & Lewes, the former auditor for Satyam Computers.

LoveLock had undertaken the auditing of Satyam's account for four years between 2004-05 and 2007-08.

Market regulator Securities and Exchange Board of India is also investigating auditors' role among other things in Satyam fraud.

Khurshid said,"I think you can be assured that SEBI will do the best... no timeline, but we are just trying to do the things that need to be done..."

Over Rs 7,000 crore Satyam fraud came into light in January, 2009, when the then Chairman Ramalinga Raju had confessed to overstating the accounts in the balancesheet.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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