Business Standard

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.

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