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
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
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.