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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