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SATYAM SCAM : 2 AUDITORS BARRED

Written By Admin on Friday, 9 December 2011 | Friday, December 09, 2011


Accounting regulator ICAI has barred two Lovelock & Lewes auditors from practice for life and slapped a penalty of Rs 5 lakh each on them for their role in the Rs 14,000-crore Satyam accounting scam. 

A probe by an ICAI "disciplinary committee has found Chartered Accountants Pulavarthi Siva Prasad and Chintapatla Ravindernath from Lovelock & Lewes guilty of professional misconduct", the Institute of Chartered Accountants of India (ICAI) said in a statement.

"The committee has ordered the removal of the name of these two chartered accountants from the Registers of Members permanently and also imposed a fine of Rs 5 lakh on both of them (which is the maximum amount as per the Act)," it said.

"The Disciplinary Committee finally noted that there was serious gross negligence on the part of these two chartered accountants in the discharge of their duties as audit team members which carried out the statutory audit of Satyam...
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