India's accounting regulator, the Institute of Chartered Accountants India (ICAI), is to bar three of its members as a result of their role in the Satyam scandal.
The so-called Satyam scandal occurred in 2009, when the Indian IT giant Satyam Computer Services was found to have inflated its accounts by around $1.47bn. PwC was Satyam's auditor at the time.
The scandal became international as, although Satyam's shares traded primarily in India, the company also traded equity shares in the New York Stock Exchange.
In 2012 the US Securities and Exchange Commission (SEC) criticised the audit firm for its role in the scandal, and fined it $6m
Moving on from the scandal has proven difficult for the country's profession and in 2011, the ICAI barred two accountants who worked for Calcutta-based Lovelock & Lewis on Satyam, an affiliate of PwC India from future audit work in the country.
ICAI president K Raghu has now said that three accountants - Srinivas Talluri, S Gopalakrishnan and V Srinivasu - are to be barred from practising as chartered accountants after they were found guilty of professional misconduct in relation to their work for Satyam by an ICAI disciplinary panel.
Talluri and Gopalakrishnan were partners of PwC India at the time, and Talluri was the signing partner and engagement leader of the audit team working on Satyam.
Srinivasu was senior vice-president and director at Satyam.
Raghu added that another ICAI member who was also found guilty of misconduct, Prabhakar Gupta, had already been removed from the register.
Related link
Institute of Chartered Accountants India
↧
ICAI to bar Satyam auditors
↧