A double whammy for PwC and a wake-up call for all auditors2 min read 12 Jan 2018, 02:48 PM IST
Sebi's action against PwC rightly puts the spotlight on the shortcomings of the audit profession
Long before the Securities and Exchange Board of India (Sebi) barred Price Waterhouse from auditing listed companies, it was penalized by a number of these very firms. The larger PwC entity (earlier PricewaterhouseCoopers) it is part of is among the top two firms in terms of global fees. In India, however, PwC barely makes it to the top four. Globally, PwC and Deloitte are almost neck and neck in terms of fee income. But in India, its fee income is about a fourth that of Deloitte and roughly half that of EY and KPMG. About seven years ago, or a little after the Satyam scam was discovered, PwC was the number two firm in India as well. In short, the company has already paid a big price for its role in the Satyam fraud.
Select your Category