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PWC may be blacklisted by ICAI on 13th July 2009, 1:13 pm
CS.rkarthik
CSoC Smart User
MUMBAI: The country’s accounting regulator is planning strict action against audit firm Price Waterhouse after two of its partners allegedly failed Top Accounting scandals
to check accounting lapses and verify financial statements in the over Rs 7,000 crore Satyam fraud case.
The Institute of Chartered Accountants of India could likely consider recommending blacklisting of Price Waterhouse, which would bar the global audit firm from carrying out auditing in India. As the institute can only recommend, its decision can be challenged in court. The institute may state its decision by the month end, say people familiar with the development.
Such a move would be similar to the temporary suspension of a Japanese audit firm affiliated with PricewaterhouseCoopers in 2006, on charges of tampering with a client’s accounts. In its independent probe into the Satyam fraud case, the ICAI, which is the nodal body for accountants and auditors in the country, has found the two auditors, Subramani Gopalakrishnan and Srinivas Talluri, were not carrying out adequate due diligence while auditing the books of the software major.
http://economictimes.indiatimes.com/News/News-By-Industry/Services/Consultancy-Audit/ICAI-may-push-PwC-into-blacklist-zone/articleshow/4770662.cms
to check accounting lapses and verify financial statements in the over Rs 7,000 crore Satyam fraud case.
The Institute of Chartered Accountants of India could likely consider recommending blacklisting of Price Waterhouse, which would bar the global audit firm from carrying out auditing in India. As the institute can only recommend, its decision can be challenged in court. The institute may state its decision by the month end, say people familiar with the development.
Such a move would be similar to the temporary suspension of a Japanese audit firm affiliated with PricewaterhouseCoopers in 2006, on charges of tampering with a client’s accounts. In its independent probe into the Satyam fraud case, the ICAI, which is the nodal body for accountants and auditors in the country, has found the two auditors, Subramani Gopalakrishnan and Srinivas Talluri, were not carrying out adequate due diligence while auditing the books of the software major.
http://economictimes.indiatimes.com/News/News-By-Industry/Services/Consultancy-Audit/ICAI-may-push-PwC-into-blacklist-zone/articleshow/4770662.cms
2 Re: PWC may be blacklisted by ICAI on 13th July 2009, 1:18 pm
csbbilu
CSoC Smart User
Dear CS. Karthik
I hope nothing will happen to PwC in this matter, because the said partner is a CENTRAL COUNCIL MEMBER OF ICAI.
I hope nothing will happen to PwC in this matter, because the said partner is a CENTRAL COUNCIL MEMBER OF ICAI.
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