PWC

Supporting the capital market regulator Sebi's proposal for an independent auditing regulator in India, global auditing and consultancy major PwC has said there is an urgent need to have a strong and powerful watchdog for this business. Full Article

Audit firm Price Waterhouse has filed a suit against former chairman of Satyam B Ramalinga Raju and others claiming damages of Rs 100 crore for 'deliberately' concealing key information that led to the Rs 14,000-crore accounting fraud. A day after Tech Mahindra-acquired Satyam filed a suit against its former Board of Directors, certain employees and Price Waterhouse seeking damages for perpetrating a fraud three years ago, PW officials revealed that they have already fil.. Full Article

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 Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas.  An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from the facts of the case and considering the totality of the circumstances, it was appropriate to [...] Full Article

The five had approached the apex court challenging the 30 August order of Andhra Pradesh high court which had rejected their bail pleas. Four former employees of IT major Satyam Computers Services Ltd and a former auditor of PriceWaterhouseCoopers (PWC), arrested for their alleged roles in multi-crore accounting fraud involving the software firm, were on Wednesday granted bail by the Supreme Court. Full Article

Apex chartered accountants body ICAI has accused multinational accounting companies of violating the CA Act and asked for joint action by agencies, including the RBI and the Corporate Affairs Ministry, to enforce compliance. Full Article

The CBI, probing the multi-crore accounting scam in Satyam Computers, has reduced the number of witnesses in the case to 220 as against 690 mentioned in the charge sheet, following directions from the Supreme Court to speed up the trial, a top official said. Lakshmi Narayana, DIG, CBI said as per the apex court directives, the number of documents supporting the charge sheet, which were around 3,067, have also been reduced to a thousand-odd. Full Article

Accounting regulator the Institute of Chartered Accountants of India (ICAI) today said it will soon conclude the disciplinary proceedings against S Gopalakrishnan and Srinivas Talluri, the two auditors embroiled in the multi-crore Satyam fraud. Full Article