CA Ramakrishna, who was associated with Lovelock & Lewes, a network affiliate firm of PricewaterhouseCoopers (PwC) has been barred by ICAI from practising as an Auditor for 5 years after an enquiry was initiated against Ramakrishna who was found guilty of professional misconduct while performing Bank Audit of Global Trust Bank which collapsed in the year 2001.
ICAI had passed this order last year after the Disciplinary Committee of the Institute had found Ramakrishna guilty of professional misconduct as Auditor of the troubled GTB Bank. Soon after, a single bench of the High Court had quashed the ICAI order. Ramakrishna had argued that the ICAI had not followed its laid down procedures while conducting the disciplinary proceedings against him.
ICAI had then appealed to the single bench of the high Court and its verdict had come on 30th Sept in favour of ICAI thereby banning Ramakrishna from practising as an Auditor.
The court has clarified that the procedure prescribed by the unamended Chartered Accountants Act, 1949, that is Sections 21, 22 and 22A would be applicable to all pending proceedings in information case — and not the procedure prescribed after the amendment made by the Chartered Accountants (Amendment) Act, 2006, he explained.
ICAI had initiated proceedings against three Auditors associated with Lovelock & Lewis (a network affiliate of PwC) for Professional Misconduct while auditing the Accounts and one of whom was S. Gopalakrishnan who is currently in Jail for his alleged involvement in the Satyam Saga link.
Source:
CAclubindia
