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January 5, 2012

Satyam CFO, auditor ‘guilty’ of professional misconduct

The Institute of Chartered Accountants of India (ICAI) disciplinary board has found Satyam chief financial officer Vadlamani Srinivas and former PwC partner Talluri Srinivas guilty of professional misconduct.

ICAI president G Ramaswamy said Vadlamani Srinivas, in his role as CFO, did not conduct proper due diligence and Talluri Srinivas was guilty for not complying with professional standards. 

The institute’s final report has now been sent to the men, who will be given the opportunity to respond at a tribunal hearing in the next couple of days.

In December, the ICAI handed down former audit managers C Ravindranath and P Sivaprasad a lifetime ban and fines of NR500,000 ($9,706).

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