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March 30, 2009

Price Waterhouse reveals more auditors linked to Indian fraud

Indian firm Price Waterhouse has named two more auditors in connection to the Satyam fraud.

The alleged involvement of P Shiva Prasad and CH Ravindranath will now be investigated by the Institute of Chartered Accountants of India (ICAI), the accounting regulator in India.

Price Waterhouse, a member of PricewaterhouseCoopers, has also told the ICAI that only its Bangalore office was involved in the audit of Satyam. The firm said that offices in Delhi and Kolkata were not auditors of the IT company.

Suspended Price Waterhouse partners S Gopalakrishnan and Srinivas Talluri remain in custody over their alleged involvement in the INR7,000 ($1.44 billion) fraud.

Meanwhile, the ICAI has initiated disciplinary proceedings against Satyam’s former chief financial officer V Srinivas and senior vice-president of the internal audit cell VS Prabhakara Gupta.

The ICAI has also sought court approval to examine Satyam’s former chief financial officer as well as Gopalakrishnan and Talluri.

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