The CA Institute's disciplinary committee has concluded that Mr Srinivas Talluri, Price Waterhouse auditor of scam-tainted Satyam Computer Services, is guilty of professional misconduct.

An order has been passed by the committee recommending the removal of Mr Talluri's name for life from the CA Institute's member list and also for levy of penalty of Rs 5 lakh, Mr G. Ramaswamy, ICAI President said.

However, the matter challenging the findings of the disciplinary committee report is pending before the Delhi High Court, sources said. Meanwhile, Mr Ramaswamy said that the CA Institute is framing regulations for banning audit firms involved in any corporate frauds.

He also maintained that there was no need for a separate oversight authority to oversee the work of statutory auditors. There is a quality review board, which has already worked out norms for inspection of audit firms, he said.