The ministry of company affairs said that it was yet to receive a detailed report from the Institute of Chartered Accountants of India on the audit and accounting major PricewaterhouseCoopers, which was involved in an accounting goof-up in the Rs 10,000-crore (Rs 100-billion) Satyam scandal.
“Only a preliminary report has been received (from ICAI). We need clear views to ascertain the rights of the big four (audit firms).
The profession has to take a view on this issue,” Union minister for company affairs Salman Khurshid said on the sidelines of the American Chamber of Commerce in India meeting in Kolkata.
India’s big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
It is understood that the ICAI report is likely to influence the MCA’s stance towards further action on PwC. Khurshid said that the onus was on the professional body to make a decision at the earliest.
“Do they want them (the big four audit firms) out or in? It is a question of responsibility with representation, ” he said.
However, he claimed that the delay in submitting the report could have been because of the fact that the two PwC auditors accused of botching Satyam’s balance-sheet are currently imprisoned and can’t be easily accessed by ICAI.
There is an old prestigious club over 100 years old in Chennai.Recently AOP converted to a Company. The Ist Annual Report has income from mutual funds but neither the Balance Sheet nor Investment Schedule shows any MF holding or transaction .
A listed Co in Education again from Chennai has consolidated its accounts with another where there is no holding ! To top it up Share Capital is added for consolidation. QIP issue just over and a number of newspaper Cos have bought shares .
What accounts and what auditors ?
There are so many PWCs as per ICAI’s own registration data. It is not clear as to how PAN numbers they have gathered from IT authorities. Even if they ban one all the others will remain in operation.
Which PWC is the govt. talking about. because there are so many PWCs in ICAI itself.
As per the Institutes data base as on 22-09-2010, these names peear in Approved \ Registered with the ICAI. The naming clause says that we cannot have fancy names as per our discreation, but how and under what circumstances did the institute allott such high number of names and sub-names to the same group of people. The main reason we donot have very fancy firm names is because our names donot include such words as given below. Did the partners names or the family members names, in this particular cases include, the names which are approved in the firm name. I am sure they would have also got, several PAN number and other statutory registration based on these names.
1.PRICE WATERHOUSE ;2. PRICE WATERHOUSE & CO ;3.PRICE WATERHOUSE & CO BANGALORE ;4. PRICE WATERHOUSE BANGALORE ;
5.PRICE WATERHOUSE, BANGALORE
Does this also show that somebody has managed to open so many firms in order to show national presence at the same time with limited liability.
Which PWC is the govt. talking about. because there are so many PWCs in ICAI itself.
As per the Institutes data base as on 22-09-2010, these names peear in Approved \ Registered with the ICAI. The naming clause says that we cannot have fancy names as per our discreation, but how and under what circumstances did the institute allott such high number of names and sub-names to the same group of people. The main reason we donot have very fancy firm names is because our names donot include such words as given below. Did the partners names or the family members names, in this particular cases include, the names which are approved in the firm name. I am sure they would have also got, several PAN number and other statutory registration based on these names.
REGISTERED / APPROVED FIRM WITH ICAI
PRICE WATERHOUSE
PRICE WATERHOUSE & CO
PRICE WATERHOUSE & CO BANGALORE
PRICE WATERHOUSE BANGALORE
PRICE WATERHOUSE, BANGALORE
Does this also show that somebody has managed to open so many firms in order to show national presence at the same time with limited liability.
What PWC is the govt. talking about. because there are so many PWCs in ICAI itself.
As per the Institutes data base as on 22-09-2010, these names appear in Approved \ Registered with the ICAI. The naming clause says that we cannot have fancy names as per our discretion, but how and under what circumstances did the institute allot such high number of names and sub-names to the same group of people. The main reason we do not have very fancy firm names is because our names do not include such words as given below. Did the partners names or the family members names, in this particular cases include, the names which are approved in the firm name. I am sure they would have also got, several PAN number and other statutory registration based on these names.
REGISTERED / APPROVED FIRM WITH ICAI
PRICE WATERHOUSE
PRICE WATERHOUSE & CO
PRICE WATERHOUSE & CO BANGALORE
PRICE WATERHOUSE BANGALORE
PRICE WATERHOUSE, BANGALORE
Does this also show that somebody has managed to open so many firms in order to show national presence at the same time with limited liability.
i dont think, it is going to be submitted in near future too.