ICAI Satyam report: PW guilty

July, 10th 2009
In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report.

According to sources, the report has found the auditors guilty of lapses while auditing Satyam's books. The report is also believed to have stated that Price Waterhouse received abnormally high audit fees for the Satyam assignment.

The interim report says that PW auditors - S gopalakrishnanan and Srinivas Talluri - deliberately violated auditing norms, knew of incorrect bank balances, and were also given abnormally high fees for auditing Satyam's accounts.

Satyam's audit fees

Year Fees
2004-05 Rs 0.92cr
2005-06 Rs 1.69cr
2006-07 Rs 4.21cr
2007-08 Rs 4.31cr