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Satyam scam: ICAI bans four auditors for life

While Gopalakrishna was a partner at Pricewaterhouse Bangalore, Talluri Srinivas was a signing partner and engagement leader of audit team of the statutory auditors of Satyam Computers.

By: ENS Economic Bureau | New Delhi |
April 23, 2014 12:05:16 am

The chapter of Satyam scam is finally set to close as far as the accounting regulator, ICAI, is concerned. The Institute of Chartered Accountants of India (ICAI) has imposed a life-time ban on four auditors — S Gopalakrishna, Talluri Srinivas, V Srinivasa and VS Prabhakara Rao — involved in the Satyam Computers accounting fraud.

“The gazette notification regarding the decision would be issued in another ten days. With this we complete the job from our end,” K Raghu, president, ICAI, said. All four had been found guilty of gross negligence in discharge of their duties by the disciplinary committee of ICAI and were barred from practising as a chartered accountant. A penalty of Rs 5 lakh each was also levied on them.

While Gopalakrishna was a partner at Pricewaterhouse Bangalore, Talluri Srinivas was a signing partner and engagement leader of audit team of the statutory auditors of Satyam Computers. V Srinivas was senior vice-president and director in the scam-hit IT company while VS Prabhakara Rao was the head of internal audit cell.

RBI for 2-stage verification for online transactions

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Mumbai: A working group set up by the Reserve Bank of India (RBI) has proposed that banks introduce two-stage authentication to ensure security of transactions.

“In online banking transactions, banks should provide the option to its customers for enabling PKI (public key infrastructure) for its online banking transactions as optional feature for all customers,” the RBI report on “Enabling PKI in payment system applications” said.

PKI enables users of a basically unsecure public network such as the Internet to securely and privately exchange data and money through the use of a public and a private cryptographic key pair.

PKI provides for a digital certificate that can identify an individual or an organisation and directory services that can store and, when necessary, revoke the certificates.

The panel also said customers should be given the option to choose from different methods of authentication for ensuring security of online transactions.

There are various PKI-enabled electronic payments systems introduced by RBI such RTGS, NEFT, CBLO, Forex Clearing, Government Securities Clearing, and Cheque Truncation System (CTS).

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