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July 10, 2011

ICAI will not delay Satyam disciplinary hearing

The Institute of Chartered Accountants of India (ICAI) has dismissed a request from a Price Waterhouse partner to adjourn disciplinary proceedings on the back of the Satyam Computer Services (Satyam) scandal, according to media reports.

Price Waterhouse partner Talluri Srinivas, who is one of the accused of wrongfully auditing and inflating Satyam’s financial statements, asked the institute to suspend the disciplinary proceedings. However, the reason for the request is not given.

According to ICAI president G Ramaswarmy 12 out of 15 witnesses have already been heard and have provided documents in the proceedings.

In April, US authorities ordered PwC’s Indian affiliates to pay $7.5m (£4.7m) in fines for deficiencies in its audits of Satyam.

The Satyam fraud unfolded in January 2008, when financial irregularities totalling about $1.44bn – the largest corporate fraud in India’s history – were discovered. Price Waterhouse India was Satyam’s statutory auditor at the time the irregularities took place.

 

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