ICAI bans four auditors for life in Satyam Scam
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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.
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Comments
Vijeta Nathani
25-Apr-2014 , 05:29:45 pmI believe this step by ICAI will definitely help in maintaining the Dignity of our Profession.