WHILE answering a question in the Rajya Sabha today, the Minister of
State in the Ministry of Corporate Affairs, Mr R P N Singh, said that no foreign
accounting firm can operate in India unless one is registered with the ICAI. It
is, however, possible that several “Multinational Accounting Firms” may be
operating in the country in the fields of audit/ assurance services through
Indian Audit Firms/ Members who are registered with the ICAI.
Action has been initiated against the Statutory Auditors of Satyam
Computer Services Limited, namely Price Waterhouse, Bangalore and its members.
The names of CA. Pulavarthi Siva Prasad, CA. Chintapatla Ravindernath and CA
Srinivas Talluri have been removed from the Register of Members permanently and
also a fine of Rs. 5 lac each on all of them has been imposed. The decision on
awarding punishment to CA. S. Goplakrishnan, and CA. V.S. Prabhakar Gupta is
likely to be taken by the Disciplinary Committee of the ICAI at its next
meeting.
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