pricewaterhousecoopers

PricewaterhouseCoopers (PwC) has been fined £1.4 million by regulators, after it signed off a report containing serious rule-breaking client money practices at JP Morgan Chase - the result of a major IT switchover that failed to keep pace with changed business processes. The Accountancy and Actuarial Discipline Board (AADB) issued the fine as it ruled that PwC wrongly reported over a seven year period that JP Morgan had maintained the right systems to correctly separate.. Full Article

The Indian affiliate of PricewaterhouseCoopers routinely failed to follow the most basic audit procedures, the United States Securities and Exchange Commission said Tuesday as it penalized the firm for its failed audits of Satyam Computer Services, the Indian company that falsely reported more than $1 billion in profits. The S.E.C. and the Public Company Accounting Oversight Board fined the affiliate, PW India, $7.5 million in what was described as the largest American p.. Full Article

Amid concerns of alleged 'surrogate practices' of 'Big Four' accounting firms,regulator ICAI has asked PriceWaterhouseCoopers, KPMG , Ernst & Young and Deloitte to desist from acquiring Indian audit outfits. "Worldwide, there is a talk that there Full Article

Global Leader for Ethics and Business Conduct in PwC finds himself in a tight spot because of ongoing PwC Malaysia fraud. Coenraad Van Beek, better known as Coenie Van Beek, is the Global Leader for Ethics and Business Conduct at PricewaterhouseCoope Full Article

The Institute of Chartered Accountants of India (ICAI), said it will not initiate proceedings against S Gopalakrishnan, ex-partner of PricewaterhouseCoopers (PwC), for his alleged involvement in the multi-crore Satyam accounting scandal until the Delhi High Court’s stay on Srinivas Talluri, ex-partner, PwC, is lifted. Full Article

The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing "window dressing" for Lehman Brothers' risky financial structures, today became the first of the "big four" auditors to announce its intention to appoint in non-executive directors to its global advisory board. Full Article

Post the finance ministry's move to include eight new services such as domestic air travel and health under the ambit of service tax from 1 July, the revenue department has clarified that payments made before that date for services yet to be delivered would be exempted from the tax. Full Article

The corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms like KPMG, Deloitte, Ernst & Young and PriceWaterhouseCoopers to open shops in the country. "This matter is not for us alone (to decide), it is a matter which involves the RBI as also the commerce ministry Full Article