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February 28, 2010

Indian firms drawn into Satyam proceedings

An Institute of Chartered Accountants in India (ICAI) committee has recommended strict disciplinary action against four Hyderabad-based audit firms for their alleged involvement in the Satyam fraud.

The firms are: Krishna & Prasad, Rao & Shyam, P Viswanath & Associates and GMK Associates.

Investigations into a Price-waterhouseCoopers affiliate, which audited Satyam, have been underway for almost a year.

The ICAI committee report, which is now being considered by the ICAI council, said the firms audited the books of companies that lent money to Satyam.


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