public company accounting oversight board

In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years. The US Securities Exchange Commission (SEC) said that Satyam Computer Services have agreed to pay a fine of $10 million towards settlement of charges of fraudulently "overstating the company's revenue, income and cash balances by more than $1 billion o.. Full Article

Senator Paul Spyros Sarbanes in his capacity as Chairman of the Senate Banking, Housing, and Urban Affairs Committee, held a series of comprehensive hearings resulting in the passage of a bi-partisan bill designed to reform the accounting industry and restore the investor confidence. “The Public Company Accounting Reform and Investor Protection Act” was signed into law on July 30, 2002, and has been referred to as “the most far-reaching reforms of American business.. Full Article

PricewaterhouseCoop ers (PwC), which is facing a multiple-agency probe within the country for its “unreliable” audit of Satyam Computer Services leading to a Rs 7,000-crore accounting scandal, holds a further risk of being quizzed by US accounting regulator in India, said Institute of Chartered Accountants of India (ICAI) president Ved Jain. For this, the Public [...] Full Article