Price Waterhouse partner found guilty in GTB case
Price Waterhouse partner S Gopalakrishnan, currently under arrest for his alleged role in fudging the books of Satyam Computer Services, has been found guilty of ‘professional misconduct’, along with two others, in auditing the books of Global Tru...
By ET Bureau |
NEW DELHI: Price Waterhouse partner S Gopalakrishnan, currently under arrest for his alleged role in fudging the books of Satyam Computer Services, has been found guilty of ���professional misconduct���, along with two others, in auditing the books of Global Trust Bank (GTB), the Institute of Chartered Accountants of India (ICAI) said on Tuesday. The two other auditors found guilty by ICAI include Price Waterhouse partner P Ramakrishna and Manish Agarwal, an employee of audit firm Lovelock & Lewes.
The accounting regulator initiated disciplinary proceedings in 2004 after RBI filed a complaint with the ICAI after finding a discrepancy in Price Waterhouse���s numbers in the case of GTB. ���All three people have been found guilty of professional misconduct by the disciplinary committee,��� ICAI president Uttam Agarwal said. The disciplinary committee���s report would be discussed by the ICAI Council at its meeting in March, Mr Agarwal said.
The panel had submitted its findings to ICAI in the GTB case relating to three financial years beginning 2000-01, he said. On the action that could be initiated against the guilty auditors, Mr Agarwal said any punitive action against the erring auditors would depend on the gravity of offence.
The auditors were accused of professional negligence in not detecting reduced provisioning for non-performing assets in the balance sheet of the Hyderabad-based bank, which was merged with Delhi-based Oriental Bank of Commerce in 2004.
The accounting regulator initiated disciplinary proceedings in 2004 after RBI filed a complaint with the ICAI after finding a discrepancy in Price Waterhouse���s numbers in the case of GTB. ���All three people have been found guilty of professional misconduct by the disciplinary committee,��� ICAI president Uttam Agarwal said. The disciplinary committee���s report would be discussed by the ICAI Council at its meeting in March, Mr Agarwal said.
The panel had submitted its findings to ICAI in the GTB case relating to three financial years beginning 2000-01, he said. On the action that could be initiated against the guilty auditors, Mr Agarwal said any punitive action against the erring auditors would depend on the gravity of offence.
The auditors were accused of professional negligence in not detecting reduced provisioning for non-performing assets in the balance sheet of the Hyderabad-based bank, which was merged with Delhi-based Oriental Bank of Commerce in 2004.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
