Satyam auditor PwC under lens

Satyam auditor PwC under lens
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First Published: Wed, Jan 07 2009. 11 14 PM IST
Updated: Wed, Jan 07 2009. 11 14 PM IST
New Delhi: The government on Wednesday said it will examine the role of Satyam Computer Services Ltd. auditor PricewaterhouseCoopers (PwC) after the country’s fourth-largest information technology company admitted that it had falsified its accounts.
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Here are some other controversies in which PwC was named.
18 December 2008: Hedge fund firm Fairfield Greenwich Group considers suing its accountant PwC after its clients lose $7.5 billion in Bernard Madoff’s alleged $50 billion Ponzi scheme.
28 July 2008: PwC faces probe after its alleged failure to spot a €21 million fraud at the Scotish mineral water subsidiary of Greencore Group Plc.
7 July 2007: PwC agrees to pay $225 million to settle a class-action lawsuit brought by shareholders of Tyco International Ltd over a multibillion-dollar accounting fraud
11 March 2007: Investigators from Russia’s interior ministry raid PwC offices for evidence in criminal cases related to oil firm OAO Yukos
29 March 2006: PwC makes an out-of-court settlement with shareholders of Internet company E-District who alleged the audit firm failed to discharge its legal responsibilities.
December 2005: Reserve Bank of India bars PwC from bank audits after it found that the firm under-provided for non-performing assets of Global Trust Bank.
Source: Mint research
Video by Taneesha Kulshrestha
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First Published: Wed, Jan 07 2009. 11 14 PM IST