accounting firm

The ministry of corporate affairs(MCA) will take a call against the audit and accounting firm PricewaterhouseCoopers only after receiving the fact-finding reports of the Rs 10,000-crore Satyam accounting fraud from the Institute of Chartered Accountants of India (ICAI) on January 11, said MCA minister Salman Khurshid. Full Article

Media reports on Wednesday said that ICAI had withdrawn the showcause notice issued to Price Waterhouse for alleged violation of norms. The Institute of Chartered Accountants of India (ICAI) on Thursday denied media reports that it has withdrawn an 8 October showcause notice against accounting firm Price Waterhouse that was statutory auditor for the erstwhile Satyam Computer Services Ltd. Price Waterhouse New Delhi in a Wednesday statement claimed that the notice had bee.. Full Article

The Hong Kong offices of accounting giant Ernst & Young were raided by police as part of a fraud investigation linked to the city’s biggest corporate collapse, local media said Wednesday.The search, which occurred Tuesday, came after Ernst & Young was accused in court earlier this month of falsifying documents to shield itself from a [...] Full Article

SEBI Committee on Disclosures and Accounting Standards (SCODA) has recommended mandatory rotation — every five years — of the partners of the audit firms signing the accounts of a listed company. Full Article

The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants. Full Article

1. These Guidelines are called Guidelines for Network amongst the firms Registered with The Institute of Chartered Accountants of India.  2. Definition.  (i) Network -  “Network amongst two or more firms means an arrangement to facilitate the better functioning of the affiliate member firms in the interest of the profession and not for acquisition of [...] Full Article

Price Waterhouse will defend its role as an auditor of the disgraced Satyam Computer Services, citing the 1986 verdict of the Bombay High Court that said an auditor should not be held responsible for tracking down ingenious and carefully-laid schemes of fraud in a company. Lawyer’s privy to the development, who requested anonymity, said as per [...] Full Article

In view of the Satyam scandal, software exporter HCL Technologies today said it has appointed KPMG as an independent auditor to review its balance sheet in addition to its statutory auditor Price Waterhouse. Price Waterhouse was the statutory auditor for Satyam Computer Services Ltd. “We have appointed an additional accounting firm (KPMG) to independently review [...] Full Article