PwC banned from auditing listed companies in India

PwC banned from auditing listed companies in India

PwC banned from auditing listed companies in India

The board also ordered PwC and two former partners who worked on Satyam's accounts - S Gopalakrishnan and Srinivas Talluri - to repay over Rs 130 million ($2 million) of wrongful gains.

Entities/firms and entities practicing as Chartered Accountants in India under the brand and banner of PwC shall not directly or indirectly issue any certificate of audit of listed companies, compliance of obligations of listed companies and intermediaries registered with SEBI and the requirements under the SEBI Act, 1992, the SCRA 1956, the Depositories Act, 1996, those provisions of the Companies Act 2013, which are administered by SEBI under section 24. thereof, the Rules, Regulations and Guidelines made under those Acts which are administered by SEBI for a period of two years.

"Any enforcement measure taken by Sebi with a preventive and remedial object, as envisaged under Section 11B of the Sebi Act, would not serve the objective unless the directions bring within its fold the PW network operating in India". It needs to be seen whether it would benefit the smaller firms or not, he added.

However, Sebi noted that the order would not impact audit assignments relating to the financial year 2017-18 undertaken by the firms forming part of the PW network. While making it clear that it will appeal against the Sebi order next week, Price Waterhouse (PW) also comforted around 3,000 auditors, saying that it will take care of their interest and there was no reason to worry.

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PW was also complacent on not effectively implementing the accounting standards that laid considerable importance on effectiveness of internal audit and the need for an external audit to place trust on internal audit for collaborating, increased coverage and optimal usage of time.

The top management of Satyam Computer Services dressed up their accounts, balance sheets and profit margins to show a rosy picture of the company, in an effort to get more investments from the public.

PwC overlooked "several red flags.which were all too obvious for any reasonable professional auditor to miss", the Indian regulator said in its ruling published on Wednesday. It doesn't include 2017/18 audits for listed companies which are already in progress.

It also noted that the order relates to a fraud that took place almost a decade ago in which it played no part and had no knowledge of.

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The firm said it was "confident of getting a stay" as the SEBI order was "not in line with the directions of the Bombay High Court order of 2011".

The Satyam scam arose when Ramalinga Raju, founder of the erstwhile Satyam Computer Services Ltd, admitted that he had padded the books of the software services giant for several years by nearly Rs 7,000 crore.

"They might lose a lot of business on the other sides, not just audit, and they have to report it in other jurisdictions".

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