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« Professional Updates »
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 Board of Internal Audit and Management Accounting of ICAI is organizing Webinar on "Identifying Red Flags and Report Writing by Internal Auditors" - March 27,
 Revised Applicability of Peer Review Mandate (Phase II & III)
 Important Announcement - Reschedulement of Chartered Accountant Examinations, May 2024
  IMPORTANT ANNOUNCEMENT
 Extension of Last Date for Online Empanelment of Members to act as Observers for May/June 2024 Examinations up to 15th March 2024
 Empanelment of Members to act as Observers at the Examination Centres for the Chartered Accountants Examinations May/June 2024
 Guidance Note on Audit of Banks (2024 Edition)
 Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
 Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) - (12-02-2024)
 Important Announcement for May-June 2024 CA Examinations
 Draft Bank Branch Auditors' Panel (MEF) for the year 2023-24

ICAI Satyam report: PW guilty
July, 10th 2009

In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report.

According to sources, the report has found the auditors guilty of lapses while auditing Satyam's books. The report is also believed to have stated that Price Waterhouse received abnormally high audit fees for the Satyam assignment.

The interim report says that PW auditors - S gopalakrishnanan and Srinivas Talluri - deliberately violated auditing norms, knew of incorrect bank balances, and were also given abnormally high fees for auditing Satyam's accounts.

Satyam's audit fees

Year                   Fees
2004-05             Rs 0.92cr
2005-06             Rs 1.69cr
2006-07             Rs 4.21cr
2007-08             Rs 4.31cr

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