Satyam auditor bailed
PwC auditor released after a year in jail
PwC auditor released after a year in jail
Talluri Srinivas, one of the PricewaterhouseCoopers auditors arrested more
than a year ago in connection with the US$1 billion
Satyam Computer
Services scandal has at last been granted bail by India’s Supreme Court.
Srinivas’ lawyer had contended that he audited Satyam accounts only after
2007, while the inflated profits at the heart of the scandal date back many
years.
The court decided in his favour on Thursday (4 February), despite opposition
from lawyers for India’s Central Bureau of Investigation (CBI). They referred to
a report by the Institute of Chartered Accountants of India (ICAI), saying that
he had signed on the audit reports on behalf of Price Waterhouse India (PwC’s
name in India) deliberately with the knowledge of its implications and
consequences. This violated the requirements of the Auditing & Assurance
Standards 28 (AAS-28), argued CBI lawyers, which establishes standards on the
form and content of auditors’ reports on financial statements.
Srinivas is, however, not allowed to leave Hyderabad city without the CBI’s
permission, and has had his passport confiscated. The court has also directed
him not to tamper with any evidence associated with the case or influence
witnesses.
The other PriceWaterhouse auditor involved in the scandal, Subramani
Gopalakrishnan, remains in prison in connection with the Satyam fraud.
Read more:
Satyam
fraud methodology revealed
More about:
The numbers you crunch tell a story. Your expertis...
14yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWhile the responsibility of auditors is often misinterpreted, the capabilities of the profession must still improve, according to market participants ...
View articleInvestigations into accounting fraud at Goals has involved HMRC, the FCA, BDO, RSM, Deloitte and could see KPMG on the wrong end of legal action, acco...
View articleRoger Isaacs - Forensic Partner at Milsted Langdon - talks about the Patisserie Valerie collapse and what its impact has been and the role of forensic...
View articleA summary of the cases of financial scandals, accounting fraud and corporate fraud which capitivated us last year and their implications Read More...
View articleAfter being on the brink of complete collapse, Patisserie Valerie and 2,000 of its jobs has been saved Read More...
View articleOver 920 people who were made redundant due to store closures will not be paid this month Read More...
View articleThe Financial Reporting Council has announced the closure of an investigation into PwC’s auditing and accounting of Tesco Read More...
View articleTesco is hopeful of securing a deferred prosecution agreement (DPA) with the SFO Read More...
View article