Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: VAT Audit :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: cpt :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: empanelment :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd
News Headlines »
 What to do if your TDS is not deposited with the government
 What if you forget to verify your Income Tax return?
 TDS on rent and other tax tasks to complete before March 31
 5 income tax changes which will come into effect from April 1, 2018
 Why you shouldn't be a last-minute tax filer
 How to calculate income tax for this assessment year on Moneycontrol
 6 Tax notices you may get and how to cope with them Income Tax Notice
 Deadline to pay advance tax ends tomorrow: Here is a step-by-step guide
  Central Goods and Services Tax (Second Amendment) Rules, 2018
 Income Tax Return Filing Deadline: Waiver On LTCG Tax To End On 31 March. Details Here
 Income tax returns (ITR) filing: Top mistakes that can be very costly

ICAI probe finds Pricewaterhouse auditors guilty in Satyam accounting scam
September, 29th 2009

The Institute of Chartered Accountants of India or ICAI has found two former partners of audit firm Pricewaterhouse guilty of professional misconduct in connection with the $1.5 billion accounting fraud committed by the former founder and Chairman Ramalinga Raju of Indian IT outsourcer Satyam Computer Services.

In an announcement made on Monday, ICAI President Uttam Prakash Agarwal said that the disciplinary committee of the apex body of chartered accountants have found S. Gopalakrishnan, Srinivas Talluri "prima facie" guilty of professional misconduct. Gopalakrishnan and Talluri had signed the balance sheets of Satyam.

The committee also found that two other auditors - P. Shiva Prasad and C.H. Ravindranath - of Pricewaterhouse, who were part of the audit team for Satyam, were guilty of professional misconduct. All four work for Pricewaterhouse, Bangalore.

According to Agarwal, these four were responsible for ensuring that Satyam's financial statements were correct and true but had failed to carry out their professional duty.

The committee has also found Satyam's former CFO Srinivas Vadlamani aand senior vice president of internet audit cell V.S. Prabhakara guilty of professional misconduct.

Price Waterhouse, Kolkata and Price Waterhouse, New Delhi, have also been found guilty of not responding to certain queries raised by the ICAI disciplinary committee.

The finding of the ICAI comes nearly nine months after Raju admitted to having fudged Satyam's account books to the tune of at least $1.5 billion by falsifying assets and inflating profits. Pricewaterhouse acted as Satyam's statutory auditor since 2002. The accounting fraud, the biggest in India's corporate history, brought into question the very survival of Satyam, which subsequently was sold off to Tech Mahindra, part of $6.7 billion Mahindra Group, by the Indian government in an open auction.

Since then Satyam has been renamed as Mahindra Satyam whose newly appointed board decided to terminate the company's relationship with Pricewaterhouse.

ICAI's probe is part of a multi-prong probe being carried out by the government to bring the guilty to justice.

The institute will issue notices to all the respondents on Tuesday and seek written replies within 30 days, Agarwal said. According to the rules of the ICAI, the institute can reprimand the members for their misconduct, debar them from membership or impose penalty. The final view is yet to be taken by the ICAI, which will wait for the views from the respondents. Although ICAI is only responsible for chartered accountants, the institute has also sought a wider role from the government in a bid to take action against the accounting firm.

Gopalakrishnan and Talluri, who have stepped down as partners of the audit firm, and Vadlamani, are currently in judicial custody.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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