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Satyam scam: ICAI to hold disciplinary meetings in Hyderabad
PTI
Last Updated IST

At present, the ICAI is in the process of framing charges on two employees of Satyam namely Vadlamni Srinivas, former CFO and V Prabhakar Gupta, former internal auditor, Satyam and two former auditors of PricewaterhouseCoopers - S Gopalakrishnan and Srinivas Talluri.

"The Delhi High Court order issued last month clearly states that criminal proceedings and investigations related to professional misconduct are two different issues. It also asked the auditors to appear for the ICAI's meetings so that we can proceed with the case," said Ramaswamy on the sidelines of International Taxation Conference - 'Jnanadeep' organised by the ICAI.

After the Satyam scam broke out in Janury 2009, apex body of Chartered Accountants found the four auditors guilty of misconduct. The CBI in its chargesheet also alleged that the external auditors were paid hefty sums to cook up company accounts, thus becoming part of the crime. He said that the Institute will hold its next meeting in third week of February.

"PWC and auditors who got bail, are appearing before the special court every day. As a result they are unable to attend the Committee's proceedings. Henceforth, we will conduct all related meetings in Hyderabad," Ramswamy said.

ICAI's high-powered committee in its report had earlier said, prima facie, the conduct of the auditors both from Pricewaterhouse, which was the then statutory auditor of Satyam, and Satyam's internal audit team, was found negligent.

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(Published 25 January 2011, 07:44 IST)