Punished auditors involved in Satyam case: ICAI

Within days of the Securities and Exchange Board of India (Sebi) passing the order against Price Waterhouse network entities in the Satyam scam, chartered accountants’ apex body Institute of Chartered Accountants of India (ICAI) on Friday said it had awarded maximum punishment to individual auditors involved but has no powers to initiate disciplinary action against CA firms.

On Wednesday, Sebi imposed a two-year ban on the Price Waterhouse network entities from issuing audit certificates to any listed company in India with respect to the multi-crore scam at the IT major.

The institute has cancelled the membership of six chartered accountants with respect to the accounting fraud at Satyam Computer Services.

Emphasising that it had concluded the disciplinary enquiry at the earliest amongst domestic and international bodies, the ICAI said the present punishment awarded by Sebi is “only a reiteration of the verdict” passed by its disciplinary panel.