01-25-2009, 09:56 AM
<!--QuoteBegin-Mudy+Jan 25 2009, 12:52 AM-->QUOTE(Mudy @ Jan 25 2009, 12:52 AM)<!--QuoteEBegin--><b>Two PwC auditors arrested</b><!--QuoteBegin--><div class='quotetop'>QUOTE<!--QuoteEBegin-->The Andhra Pradesh Crime Branch-Criminal Investigation Department (CB-CID) on Saturday arrested two senior Price Waterhouse (PW) auditors â<b>chief relationship partner S. Gopalakrishnan and engagement leader Srinivas Taluri </b>â in connection with the Rs 7,136-crore Satyam fraud case. The police had picked them up on Friday night for questioning.
The two auditors have been charged with cheating and criminal conspiracy. CB-CID sources said they are investigating if they accepted bribes from the Satyam management, in which case they will be charged on that count, too.
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The Institute of Chartered Accountants of India has been working like a typical governmental organization. It failed to take any action against PwC in Global trust bank case even after almost five years. There is a lack of sensitivity on 'Conflict of Interest' among Indian auditing fraternity. A large number of CAs from PwC are active members of ICAI. 3 CAs have been arrested in Satyam case so far - CFO and 2 PwC partners. ICAI must revamp its working style otherwise CA profession will lose all its respect.
The two auditors have been charged with cheating and criminal conspiracy. CB-CID sources said they are investigating if they accepted bribes from the Satyam management, in which case they will be charged on that count, too.
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The Institute of Chartered Accountants of India has been working like a typical governmental organization. It failed to take any action against PwC in Global trust bank case even after almost five years. There is a lack of sensitivity on 'Conflict of Interest' among Indian auditing fraternity. A large number of CAs from PwC are active members of ICAI. 3 CAs have been arrested in Satyam case so far - CFO and 2 PwC partners. ICAI must revamp its working style otherwise CA profession will lose all its respect.