The Hindu Business Line : Price Waterhouse responds to financial reporting review board

New Delhi, Jan. 25 Audit firm Price Waterhouse has submitted to the ICAI-constituted Financial Reporting Review Board (FRRB) certain information relating to its work as the statutory auditor of fraud-hit Satyam Computer Services.

“Price Waterhouse has responded to FRRB’s notice. FRRB has received it on Friday night,” Mr Ved Jain, ICAI President, told Business Line.

He, however, said that the contents of the letter addressed to FRRB would be known only after the institute resumes work after the weekend and Republic Day holidays.

Disciplinary mechanism

Mr Jain also made it clear that Price Waterhouse had not, till date, responded to the notice issued under the institute’s disciplinary mechanism. “The firm has 21 days from the day the notice was sent. They still have time,” he said, when asked if ICAI has received a reply to the notice of Director (Discipline).

Soon after the Satyam fraud became public in the first week of this month, FRRB had sought information from Price Waterhouse. ICAI had in July 2002 constituted the FRRB as its non-standing committee.

Among its scope and functions, FFRB could also determine compliance with the reporting obligations of the auditor. In the Satyam case, the role of the statutory auditor — Price Waterhouse — is under scanner.

AUDITORS REMANDED

Our Hyderabad Bureau reports: Meanwhile, two partners in Price Waterhouse – the statutory auditors for Satyam – Mr S. Gopalakrishnan and Mr Talluri Srinivas who were arrested on Saturday were produced before a magistrate at his residence in Marredepally here late last night.

The magistrate remanded them to judicial custody till February 14.

The CID had arrested them on the charges of “concealing evidence and fudging accounts” according to police sources.

So far, six persons were arrested in connection with the Satyam fraud including the Raju brothers, ex-CFO Mr V. Srinivas and Mr D. Gopalakrisnam Raju, General Manager of SRSR Advisory Services.

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