A Belated Verdict by ICAI
January 7, 2012
The Institute of Chartered Accountants Of India(ICAI), the professional body to regulate the accounting profession in India, has, after three-years of probing ,ultimately found the CFO (Mr.Vadalamani Srinivas) and the PriceWaterhouse auditor(Mr. Srinivas Talluri) of Satyam Computer Services Ltd. guilty of professional misconduct(Satyam CFO, auditor found guilty of professional misconduct, Business Lines January 6, 2012). One can only wonder why it took so long for the professional body that is ICAI to finish the probe and punish the guilty. Satyam episode has already made its exit from the minds of majority of the public, as they may be anxiously waiting for the next one. If a professional body took so long to book the people, how can one expect the government machinery and judiciary to deal with any issue in an expeditious manner.The CA in question has already filed a writ-petition against ICAI which is likely to further delay any of the implementation of action against him.
