Deloitte under icai scanner

* Krishna * (CA Student) (6149 Points)

16 November 2011  

 

The Institute of Chartered Accountants of India has initiated an inquiry against Deloitte Touche Tohmatsu Ltd over the alleged increase of valuation of Jagati Publications owned by YSR Congress leader Y. S. Jagan Mohan Reddy. Mr G. Ramaswamy, president of ICAI — the regulatory body of chartered accountants — told this newspaper that the institute had started an inquiry based on media reports and had sought an explanation from the CA in question. “The preliminary inquiry is on,” he said, refusing to div-ulge more information.

 

The CBI had recently recorded the statement of Deloitte’s senior director P.N. Sudershan under CrPC Section 164. According to the statement, Jagati Publicati-ons’ value was increased from Rs 2,500 crore to Rs 3,500 crore. ICAI sources said the Board of Discipline will conduct a preliminary inquiry on the matter and submit its report to the disciplinary committee which would then decide whether to launch a full-fledged probe. Expressing concern over CAs acquiring a bad name following a series of allegations of fudging corporate figures, Mr Ramaswamy said action would be taken, including cancellation of licences if the allegations were proved.

Source:https://www.deccanchronicle.com/channels/cities/hyderabad/deloitte-under-icai-scanner-497