Price Waterhouse firms banned for 2 years over Satyam scam: What Sebi said
Sebi bans all the audit firms in the Price Waterhouse network or PW firms from listed space for two years after finding it guilty in the Satyam scam case
Mumbai: The Securities and Exchange Board of India (Sebi) in a late Wednesday night order banned all the firms in the Price Waterhouse network (PW firms) from auditing listed companies for two years. Sebi found the audit firm guilty in the nine-year-old Rs7,136 crore Satyam Computer Services Ltd scam. In its 108-page order, the market regulator said the firm was complicit with the main perpetrators of the accounting fraud and did not comply with auditing standards. Here is a low-down of what Sebi said.
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