ICAI finds 2 PwC chartered accountants guilty of professional misconduct
The Institute of Chartered Accountants of India (ICAI) has found two chartered accountants of audit firm Price Waterhouse guilty of "professional misconduct" for their auditing of the books of Global Trust Bank (GTB).
By ET Bureau |
NEW DELHI: The Institute of Chartered Accountants of India (ICAI) has found two chartered accountants of audit firm Price Waterhouse guilty of "professional misconduct" for their auditing of the books of Global Trust Bank (GTB). The accounting and auditing regulator ICAI, which took up the investigation into Price Waterhouse's audit of GTB in 2006, came up with this decision last week.
"Two members (of the ICAI) related to the GTB case have been found guilty of professional misconduct," ICAI president Uttam Prakash Agarwal told ET over the phone from Mumbai. He added that these members were part of Price Waterhouse, which was involved in the audit of GTB. Mr Agarwal confirmed that these two chartered accountants are still part of Price Waterhouse.
Price Waterhouse's audit of GTB came into scrutiny in 2004 and the matter was referred to ICAI by the banking regulator, Reserve Bank of India (RBI). The RBI approached the apex body that regulates the accounting and auditing profession, after it found differences between the audit firm's numbers and RBI's own numbers in the case of GTB.
"Two members (of the ICAI) related to the GTB case have been found guilty of professional misconduct," ICAI president Uttam Prakash Agarwal told ET over the phone from Mumbai. He added that these members were part of Price Waterhouse, which was involved in the audit of GTB. Mr Agarwal confirmed that these two chartered accountants are still part of Price Waterhouse.
Price Waterhouse's audit of GTB came into scrutiny in 2004 and the matter was referred to ICAI by the banking regulator, Reserve Bank of India (RBI). The RBI approached the apex body that regulates the accounting and auditing profession, after it found differences between the audit firm's numbers and RBI's own numbers in the case of GTB.
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