NEW DELHI: Two auditors involved in the multi-croreSatyam fraud have been barrred from attesting financial statements for life, apart from facing a financial penalty, by auditing regulator Institute of Chartered Accountants of India (ICAI). However, inquiry against top two audit partners of Price Waterhouse - S Gopalakrishnan and Srinivas Talluri - is yet to come to a conclusion.
Chintapatla Ravindranath and P Siva Prasad - who worked for Lovelock & Lewes (an affiliate of Pricewaterhouse India) - were audit managers who performed the statutory financial audit of Satyam Computers between April 2001 to September 2008 on behalf of Pricewaterhouse India.
The duo's names have been removed from the members' register of ICAI permanently, which means they cannot attest financial statements for life. Also they have been slapped with a financial penalty of Rs 5 lakh each, which is the maximum penalty permissible under law. Sources say this is perhaps the first time when the action involves both permanent de-rostering and also a financial penalty.
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