ICAI bans four auditors for life in Satyam Scam

The chapter of Satyam scam is finally set to close as far as the accounting regulator, ICAI, is concerned. The Institute of Chartered Accountants of India (ICAI) has imposed a life-time ban on four auditors — S Gopalakrishna, Talluri Srinivas, V Srinivasa and VS Prabhakara Rao — involved in the Satyam Computers accounting fraud.

“The gazette notification regarding the decision would be issued in another ten days. With this we complete the job from our end,” K Raghu, president, ICAI, said. All four had been found guilty of gross negligence in discharge of their duties by the disciplinary committee of ICAI and were barred from practising as a chartered accountant. A penalty of Rs 5 lakh each was also levied on them.

While Gopalakrishna was a partner at Pricewaterhouse Bangalore, Talluri Srinivas was a signing partner and engagement leader of audit team of the statutory auditors of Satyam Computers. V Srinivas was senior vice-president and director in the scam-hit IT company while VS Prabhakara Rao was the head of internal audit cell.