INDIA AUDIT PENALTIES LOOM AFTER USD1 BILLION FRAUD
February 1st, 2012
BY RAGHAVENDRA VERMA, IN NEW DELHI
INDIAN auditors are bracing themselves for the introduction of harsh penalties in a new Companies Bill which reaches its next stage of debate in the Indian parliament in March.
Auditors found guilty of fraud or intent to defraud could face up to 10 years in jail and fines of up to three times any defrauded sums under legislation proposed partly in response to the USD1 billion Satyam Computer Services (SCS) fraud.
The 2009 Satyam scandal, which has rocked the profession in India, involved inflated profits and fake bank balances ...
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