After two years of investigation, the verdict is in. The Institute of Chartered Accounts of India has found Satyam's former chief financial officer Srinivas Vadlamani and PWC auditor Srinivas Talluri, who signed the company's financial audit, guilty of professional misconduct in the Rs 8,000-crore (Rs 80 billion) Satyam fraud - the biggest such case in India Inc.
It was in 2009 that the accounting regulator set up a special disciplinary committee, comprising six members, to look into the fraud in Hyderabad-based IT firm.
Confirming the development, ICAI President G Ramaswamy said the committee had concluded its hearings and submitted its final report on January 3.
"They have found both the accused guilty of professional misconduct," he said.
"We will proceed to take necessary action. We have also informed them about these findings."
These two have been found guilty on three counts: failing to conduct proper due diligence of the accounts, gross negligence of their work and violating the ICAI's code of conduct.
The institute has been probing the Satyam case since January 2009 and has already served notices to several persons in connection with the case.
ICAI is likely to impose a financial penalty on the two, though the quantum is not known.
The regulator is also contemplating barring these professionals from carrying out any further professional
duties.