The infamous Satyam Computer Services scam that rocked the nation in early 2009 is virtually a “closed chapter” for the audit profession regulator CA Institute as regards its action on its erring members.
The CA Institute has now moved to remove from its members’ list the names of three members—S Gopalakrishnan, Srinivas Talluri and V Srinivasu—who were found guilty of professional misconduct.
“The process of removing the names of all these three members has begun and would soon be completed. For us, this is big thing as we have brought to an end a five year ordeal and completed the case (disciplinary matter) that had jolted the profession”, said K Raghu, President of the Institute of Chartered Accountants of India
Both Gopalakrishnan and Srinivas Talluri were signing partners (who had attested financial statements of various years of Satyam Computers) from Pricewaterhouse (Bangalore), an audit firm which had conducted the statutory audit for certain financial years.
The third person Srinivasu was a Senior Vice-President and Director in Satyam Computers.
The name of Prabhakar Gupta—who was in charge of internal audit at Satyam Computer Services—already stands removed.