international audit

The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam. It pleaded before the court that the government proceedings were illegal as they have no connection with the Bangalore-based franchise which had audited Satyam accounts. Full Article

In what could be a significant deterrent to corporate frauds, the concept of rotation of partners received a green signal from the apex body for chartered accountants, Institute of Chartered Accountants of India (ICAI), and mandates change of partners after seven consecutive years with a listed company. The step, cleared by ICAI, will be operational from April 2009 and is expected to significantly reduce complexity between individual partners in audit firms and their ass.. Full Article