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ICAI may disclose tainted auditors
March, 03rd 2010

In a bid to salvage auditing profession's credibility following the Satyam fraud, the Institute of Chartered Accountants of India (ICAI) said on Tuesday that it was considering making public the names of auditors found guilty in scams. ICAI is the regulatory body of chartered accountants in India.

"As of now, we make available the names of chartered accountants found guilty by the disciplinary action committee to all regulators including the Sebi, the RBI, the CAG (Comptroller Auditor General) and others.
However, if there is a necessity, we will move the council to see if we can make the names public on our websites," Amarjit Chopra, president of ICAI, said on Tuesday.

"Over the next year, under my presidency, we will strive for a change in perception of public on the disciplinary mechanism which is in place at ICAI. In cases where we feel there is public interest involved, we will move away from serialisation of cases to hearing public interest cases first," Chopra said.

On the status of probe against Satyam auditors Srinivas Talluri and S Gopalakrishnan of Price Waterhouse, the ICAI president said: "Talluri got bail only few days back. The other person is still in jail. As per principles of natural justice we should give them a hearing and only then we can come to a conclusion. You can't go to a man in jail to record statements."

Commenting on other plans of ICAI, Chopra said that the interface between students and the institute would be e-enabled with a payment gateway in place so that there is no long queues for forms and downloadable materials.

 
 
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