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The Satyam saga gets murkier. Now it has come to light that its auditor, Pricewaterhouse, furnished the company with a “wrong” PAN. Confirming this Institute of Chartered Accountants of India (ICAI) has said it would take “disciplinary action” against the auditors and may even consider cancelling its licence.
The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial autonomy in regard to appointment of SBAs also from the year 2008-09 onwards. Thus, State Bank of India, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas Bank, […]
The founder of the outsourcing giant Satyam may have admitted committing the largest corporate fraud in Indian history when he made up $1 billion out of thin air, but Satyam’s auditor, PricewaterhouseCoopers, could pay the price.
COIMBATORE: Angry shareholders of Satyam may be miffed with the statutory auditors who have come in for sharp criticism following the dramatic revelations of accounting fraud in what is being billed as the country’s Enron. But there is not much clarity on the kind of action shareholders can take against the auditors Pricewaterhouse Coopers under […]
Following is the text of the statement made by Shri Prem Chand Gupta, Minister of Corporate Affairs, at the Press Conference held here this evening:
The ministry of corporate affairs ordered investigation into the Satyam scandal by the Serious Frauds Investigation Office (SFIO), a multi-functional investigating agency that has representations from the ministry of home affairs, Enforcement Directorate and the Intelligence department.
We all are still in disbelief mood as far as cash & bank balance fraud is concerned. Although there is no confirmed news, but the information gathered from some of sources of the investigating agencies (ICAI, SEBI etc.) are as under:
The Institute of Chartered Accountants of India (ICAI) has said that the concerned partner who signed on Satyam Computers’ balance sheet will be held responsible and not the audit firm Price Waterhouse.
In the aftermath of the Satyam fiasco, like in any other scam, questions are raised about how to avoid one the next time. In this backdrop, chief financial officers and experts reckon that changing the auditor every four years, as is an international practice, could be the way out. M Damo-daran, former Sebi chief, in […]
The Institute of Chartered Accountants of India (ICAI) said on Monday it would reveal to the public the names of audit firms that overlook due diligence while auditing companies. This would act as a deterrent to audit firms from compromising on the quality of audit work as the bad publicity would make it lose its […]