ICAI yet to conclude hearing on PW role in GTB audit
January, 17th 2009
Even as the ICAI's Special Committee has got down to prove Price Waterhouse's role in auditing Satyam, it may want to take a look at its past track record. In its latest progress report to the Parliament last month, the Finance Ministry said the disciplinary committee is yet to conclude hearing on Price Waterhouse's role in the audit of Global Trust Bank.
Six years after a probe had been ordered by the Joint Parliamentary Committee and the hearing on Price Waterhouses role in Global Trust Bank has still not concluded.
Six years is quite a long time for such a high powered committee to conclude the hearing. The Finance Ministry has reported to the Parliament that the Joint Parliamentary Committee (JPC) had called for Institute of Chartered Accounts of Indis (ICAI) probe into Pricewaterhouses role in Global Trust Bank (GTB) and that the Committee of ICAI is yet to conclude hearing in Pricewaterhouse's audit of GTB.
Pricewater had audited Global Trust Bank for the periods 20012002 and 20022003. The Finance Ministry reported to the Parliament that RBI had referred the matter to ICAI in 2003. ICAI had called for comments from the auditor in February 2005 and it had also issued a show cause notice to Pricewaterhouse in December 2006. The ICAI referred the matter to its Disciplinary Committee in August, 2007.