Satyam case: ICAI to complete examination of auditors soon
The Institute of Chartered Accountants of India (ICAI) will complete cross examination of witnesses in the Satyam fraud case in the next two days.business Updated: Jul 29, 2011 21:56 IST
The Institute of Chartered Accountants of India (ICAI) will complete cross examination of witnesses in the Satyam fraud case in the next two days.
“There are 15 witnesses (in the Satyam case) and we have completed cross examination of 12, rest we will cross examine on July 31,” said G Ramaswamy, president, ICAI. “We will also complete examination of documents which we have.”
The regulatory body of chartered accountants had initiated disciplinary proceedings against the auditors of the erstwhile Satyam Computer Services (now Mahindra Satyam) after founder-promoter B Ramalinga Raju confessed to inflating the company’s account books.
The disciplinary proceedings were initiated by the ICAI following failure of the auditors to detect the accounting fraud, which continued in the IT company for many years.
Earlier in 2009, the ICAI had set up a six-member special committee to look into the fraud in the Hyderabad-based IT firm.
When asked for the reasons of delay in completing the probe, Ramasawami said, “the (auditors) were in jail and they have also got stay time and again. Srinivas Talluri is out, so we were able proceed against him.”