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ICAI to end examination of auditors in Satyam case soon

Accounting regulator Institute of Chartered Accountants of India (ICAI) today said it will complete cross examination of witnesses in the Rs 14,000-crore Satyam accounting fraud case in the next two days.

July 30, 2011 / 05:43 PM IST
 
 
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Accounting regulator Institute of Chartered Accountants of India (ICAI) today said it will complete cross examination of witnesses in the Rs 14,000-crore Satyam accounting fraud case in the next two days.


"There are 15 witnesses (in the Satyam case) and we have completed cross examination of 12, rest we will cross examine on 31 July. We will also complete examination of documents which we have," ICAI President G Ramasawamy told reporters here.


The regulatory body of chartered accountants had initiated disciplinary proceedings against the auditors of the scam-hit Satyam Computer Services (now Mahindra Satyam) after its founder-promoter B Ramalinga Raju confessed to inflating the company account books.


The disciplinary proceedings were initiated by the ICAI following failure of the auditors to detect the accounting fraud, which continued in the IT company for many years. Earlier in 2009, ICAI had set up a six-member special committee to look into the fraud in the Hyderabad-based IT company.


When asked for the reasons of delay in completing the probe, Ramasawami said, "this is not our fault, the (auditors) were in jail and they have also got stay time and again.Srinivas Talluri is out, so we were able proceed against him".

Besides Talluri, the accused in the Satyam case include  PricewaterhouseCoopers auditor Subramani Gopalakrishnan. The Delhi High Court had earlier rejected the plea of the two auditors for a stay against disciplinary proceedings of the ICAI.

first published: Jul 29, 2011 10:31 pm

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