ICAI bars Satyam ex-CFO, PW Auditor from Practice

Posted: 21/02/2012 in ICAI, News

ICAI bars Satyam ex-CFO, PW Auditor from Practice

Press Trust of India: New Delhi

Accounting regulator ICAI today barred the ex-CFO of the erstwhile Satyam Computer Services, Srinivas Talluri, and former Pricewaterhouse auditor Vadlamani Srinivas from practice for life, while slapping a Rs 5 lakh penalty on them over the Rs 14,000 crore fraud at the IT firm.

The Disciplinary Committee of the Institute of Chartered Accountants of India (ICAI) has found the two auditors guilty of professional misconduct, said Jaydeep Shah, the newly elected President of the Institute.

“The committee has ordered that the names Vadlamani Srinivas and Srinivas Talluri be removed from the Registers of Members permanently. Also, a fine of Rs 5 lakh each has been imposed on both of them (which is the maximum amount as per the Chartered Accountants Act),” he said soon after taking charge as the new President.

Shah added that the verdict on ex-PW partner S Gopalakrishnan and V Prabhakar Gupta, former internal auditor, would be finalised in a month. The audit of Satyam was appointed in the name of Price Waterhouse, Bangalore.

Source: The Indian Express

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