Disciplinary action against tainted Satyam accountants on March 30

The Indian accounting sector regulator will meet this month-end to decide on disciplinary proceedings against tainted chartered accountants allegedly involved in the Rs7,136 crore Satyam Computer fraud.

"We are going ahead. One meeting we have fixed for 30th of this month. We will go ahead and will proceed in the matter," president of the Institute of Chartered Accountants of India (ICAI), Amarjit Chopra, said here today.
    
He said there was no delay on ICAI's part in initiating disciplinary action against auditors Talluri Srinivas and Subramani Gopalakrishnan of global audit and accounting firm Price Waterhouse, which was the statutory auditor of Satyam whose fraud came to light in January last year.

".....media must also appreciate that if a person has been behind bars for the last one year, how do we proceed against him (the auditors)", he asked. "Whether it was Talluri or Gopalakrishnan, both have been behind bars. Now, Talluri is out".

"Delay (regarding disciplinary action by ICAI) is on that account. Let's be very clear about it. So, it's not on account of the Institute (ICAI)", he said.

Chopra said one way of dealing with such auditors was to serve notice and proceed against them and the other is to wait for completion of the judicial process.

"He (the auditors) has examined the financial statements with reference to books of accounts. These books of accounts, working papers have to be produced and explained. I think that person will be better placed to explain that", he said.