ICAI will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri as he is out on bail

Accounting regulator Institute of Chartered Accountants of India (ICAI) has said that it will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri who has been granted bail on Thursday by the Supreme Court.
The disciplinary committee of ICAI had prima-facie found the two Satyam auditors—S Gopalakrishnan and Srinivas Talluri responsible for professional misconduct and had issued notices to both of them to appear before the committee. But the matter was adjourned since both the auditors were in jail since January 24 of last year.

Uttam Prakash Agarwal, president, ICAI told , “We have to reach to a conclusion in case of the Satyam auditors who have been prima-facie found guilty. Now that Talluri has been given bail, we will start our proceedings against him”.

ICAI has said that it would give auditors of PricewaterhouseCoop ers in the Satyam scam a chance to present their side before passing any order against them.

The institute also interrogated the two auditors in the jail. Talluri and Gopalakrishnan during the interrogation, told ICAI that they relied on the documents provided by the management and followed the accounting procedures prescribed by the institute.

According to the ICAI Act, members found guilty of professional misconduct could be barred from practice or fined up to Rs 500,000.

Related posts:

1. SC granted bail to PWC auditor Srinivas Talluri allegedly involved in Satyam fraud
2. CBI opposed the bail plea of Price Waterhouse auditor Mr Srinivas Talluri
3. ICAI will hear Satyam auditor first before passing any order against them
4. Bail plea of PWC auditor Talluri Srinivas will be decided by SC on February 3
5. S Gopalakrishnan and Srinivas Talluri will not get any more time to submit reply : ICAI