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Ash Said:
PWC is either fradulent (If it knew the facts) or clearly inept; (if it did not have any idea about the fraud). Either way it should be banned from taking any audit roles in India in future.How can auditors be in dark about cash discrepency of crores of ruppees?
Posted On 1/8/2009 1:23:41 AM
Re: Shashank Said:
@Ash: You are spot on when you hold PwC responsible for this fraud. Complicity or ignorance of this magnitude from PwC should not be tolerated at all.
What is professional about the professionals of PwC?
Posted On 1/8/2009 7:00:58 PM
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Ash Said:
PWC is either fradulent (If it knew the facts) or clearly inept; (if it did not have any idea about the fraud). Either way it should be banned from taking any audit roles in India in future.How can auditors be in dark about cash discrepency of crores of ruppees?
Posted On 1/8/2009 1:23:41 AM
Re: aj Said:
it is not pwc which is incompetent...it is the people working in pwc indian who were either incapable of corrupt...don't consider the entire pwc global as incapable or whatsoever..pwc india is just a small part of pwc global..and besides other big four firms were also involved in different scandals in the previous years...no firm is clean of controversies as of the moment..you've gotta think of it dude...
Posted On 1/27/2009 4:36:12 PM
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Abraham Said:
Why auditors not rotated? (PWC was auditor for Satyam for last 6 years)
Posted On 1/8/2009 10:06:48 AM
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girish Said:
after rearding this article the only question arises is "ARE THE REGULATORS OF ACCOUNTING PROFESSION & MINISTRY OF CORPORATE AFFAIRS STILL GOING TO ALLOW PWC TO FREELY RUIN THE STAKE HOLDERS AT THE COST OF PUBLIC LIABILITY INSURANCE ?
Posted On 1/8/2009 12:05:19 PM
Re: H Said:
Yes, they will continue as always as the entire system, which includes - ICAI, MCA etc is all crap, they themselves are corrupt and I am sure they must be right now busy closing a deal with Satyam and/or PwC.
As per the information I got from my friends within PwC two of the partners of PwC India are members of the ICAI core team who is responsible for deciding the course of action in any of such cases.
I have no hope when the culprits are part of the judging system.
Posted On 1/8/2009 5:15:13 PM
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Sundeep Said:
And who were the auditors were that other fraudster DSQ Software?
Posted On 1/8/2009 12:51:21 PM
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mohan Said:
ICAI should take this case as like endron scandle and should ban PWC atleast in INDIA.
Posted On 1/8/2009 12:52:05 PM
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Parasuraman Said:
ICAI should Ban PWC auditors in india operations.
Posted On 1/8/2009 12:54:03 PM
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Sachin Said:
Being an auditor mydself, I cannot believe to the wildest of my dreams that CASH & BANK BALANCES have been left unaudited by an Audit Firm of such repute. Bank Statements, Bank Certificates, Online View could have been possile to verify the same. I wonder how this actually happened if at all it happened.....
Posted On 1/8/2009 1:33:04 PM
Re: V Said:
I just don't understand how a big4 firm like PWC cannot carryout a basic audit test. Probably this was a piece of work delegated to a first year article clerk and there was no proper review of the work. It is very shameful to know that the quality of work in such an audit firm is deterioriting day by day!!!
Posted On 1/8/2009 4:13:06 PM
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Sachin Said:
Being an auditor mydself, I cannot believe to the wildest of my dreams that CASH & BANK BALANCES have been left unaudited by an Audit Firm of such repute. Bank Statements, Bank Certificates, Online View could have been possile to verify the same. I wonder how this actually happened if at all it happened.....
Posted On 1/8/2009 1:33:04 PM
Re: Jishnu Said:
Though I'm not a practising auditor, but through my experiences of the arduous three year articleship, I cannot agree more with V's reply. It's common practice among auditors and senior articled clerks to delegate the so called "boring work" (namely auditing the cash book) to the junior most apprentice. And to top it all there is hardly any review of the work done. This should act as a stimulus to the ICAI to make learning auditing enjoyable, rather than just being another paper to clear for the students. They must be made aware of the implications of their actions and Principals should take the lead in such cases rather than just enjoying the limelight while finalising the accounts.
Posted On 1/8/2009 7:52:37 PM
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Ajit Said:
Just because PWC auditors have not done there job ethically, jobs of thounsands of Satyam employees are unsecured. PWC should be blacklisted and auditors should be imprisoned.
Posted On 1/8/2009 1:54:22 PM
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GopalaRao Said:
Beign a auditor my only suggestion is all the companies above the some thresh hold should change the auditors by rotation so that every auditors will look the case in fresh eyes, there will be no undue influence on the auditors. Every auditors should be changed by rotation atleast once in three years, so that there will be no involvement of any persons and no scams.
Company laws should bring such rules and ICAI should propose such rules.
Posted On 1/8/2009 2:44:36 PM
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S Said:
I am of the view that PWC are involved in this.. it is not possible for firm of their repute not to know that the bank and cash balances are overstated by crores.. shameful
Posted On 1/8/2009 5:02:55 PM
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rajat Said:
Its very unfortunate to heard such a news regarding PWC but its a very normal and practical approach,there may be some mistakes commit if you are going for an audit but also it is against the tag mark of pwc .if it is a mistake then it could be but if its fraud then the strict action should be taken asgainst the person under default and not against pwc
Posted On 1/8/2009 5:26:04 PM
Re: K Said:
Having gone through a hellish 3 year period as an article, i agree with some views above, these kinds of jobs on a audit are relagated to a first year article (which is acceptable) but rarely reviewed by managers or partners (who are busy enjoying life and all the money they own). How can u expect a first year article to turn in perfect work? How can the partner who signs the audit report, not thoroughly review the work? I mean, thats why they are making all that money right? I agree with Rajat that the partner who signed should be made responsible not the firm.
Posted On 1/8/2009 11:20:19 PM
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ashish Said:
Guys i am sure the work was not delegated to first year article clerk-which all of you are trying to put as oversight. That can happen once in a while and also over something not glaring and abnormal -as satyam sitting over huge piles of cash and cash equivalents. There has been conievence as without it such a fiasco is not possible. PWC does a stringent review of work at ddifferent level say audit manager of the audit executive and thereafter partner of the audit manager and so on. So an overlook is just not possible and that also over say 5 years. Any CA can tell you that cash checking or verification is not left to first year article clark if the amount is abnormal .On the contra even senior partners personally verify it.
Posted On 1/9/2009 9:36:05 AM
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Nitya Said:
hi, its once again proved that anything can happen in india. shame on raju and PWC for becoming hurdle for success run of IT in india.
Posted On 1/9/2009 11:21:24 AM
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Deviprasad Said:
PWC seems to have known the fraud that is happening in Satyam. Otherwise, why were they silent for more than a week now. Also, as external auditors, it is their duty to inspect and check each and every record which is the sole purpose of appointing an external auditor, which they had failed. They should be banned and a law suit should be filed against them to recover the losses made by this fraud.
Posted On 1/14/2009 10:26:11 PM
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sachin Said:
being a third year article i am doing surprice check on the first day of audit which include Cash verificationn,may be cash consist of Thousand of Rupees.It is so important,how an auditor can neglect to check Crores of Rupees. There must be some internal relationship which has caused auitor to act such a way. It is not the signing partner who is responsible,but whole unit of PWC India is responsible, Central Government and RBI should take some appropriate Strick measures so that such events should not happen in furure.
Posted On 6/20/2009 12:25:41 PM
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