The Hindu Business Line : `Reasonable chance to be given to audit firms to explain role in GTB'

THE Institute of Chartered Accountants of India (ICAI) has said it would offer a "reasonable opportunity" to both PricewaterhouseCoopers and Lovelock & Lewes before coming to a judgment on their alleged misconduct in the Global Trust Bank (GTB) case.

"We don't comment on matters that are under judicial scrutiny. All that I can say is that actions have been taken on the firms. The disciplinary proceedings are on. They have not culminated into any finality. We are waiting for papers from the Reserve Bank of India," Mr Kamlesh S. Vikamsey, the new President of ICAI, told Business Line here on Saturday.

He said no timeframe can be set for arriving at any conclusion on the case and said "reasonable opportunity" would have to be given to the firms to explain their role on the matter.

Mr T.N. Manoharan, who has been elected as the new Vice-President of the institute, said the "principle of natural justice" had to be adhered to in all disciplinary matters involving the members of ICAI.

Responding to a letter from the RBI stating that there has been misconduct by the statutory auditors in the GTB case, ICAI, in July last year, wrote letters to both the firms seeking their views and additional information on the matter.

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