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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: empanelment :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: due date for vat payment :: TDS
 
 
News Headlines »
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you

ICAI indicts PW in Satyam case
April, 07th 2010

A damning indictment by accounting regulator ICAI of audit firm Price Waterhouse and its former partners S Gopalakrishnan and S Talluri, who signed the Satyam accounts.

An ICAI sub group, whose report on the Satyam scam was considered by the Central Council last month, has found glaring irregularities in their audit of Satyam. The report says that the audit firm Price Waterhouse had two different sets of confirmations of Satyam's bank balances but they ignored the difference in bank balances. The report illustrates this with the example of ICICI Bank.

The ICAI sub group report available exclusively with Bloomberg UTV says: "The confirmation from ICICI Bank has been made available by the company to the audit firm for the quarter ended September 2008, as available in the documentation, surprisingly does not even contain the name of the company, but the same has been relied upon by the audit firm..."

The report goes on to say: "There is no documentation either in the soft copy 'My Client' or in hard copies that the confirmation letters were sent to the customers. The documents produced before the group do not indicate the compliance with their own guidelines. (PwC)"

And the final nail in the auditors' coffin - "The auditors have failed to carry out their professional responsibilities as per the basic principles governing an audit. There have been more than sufficient reasons to create suspicions in the minds of any prudent person, leave alone the trained mind of an auditor."

This report however will not be enough to punish either Gopalakrishnan or Talluri. ICAI's disciplinary committee, which has started proceedings against Price Waterhouse partners, will have the final word and whose findings will be accepted or rejected by the Central Council. Well, it is highly unlikely that the Disciplinary Committee's report will be much different from the sub group.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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