Press "Enter" to skip to content

PwC gets 2 years ban in 2009 Satyam case

On 10 January 2018 markets regulator SEBI banned global auditing firm Price Waterhouse Network (PwC) from engaging in audit work with any listed company for two years. The period will start from April 2018. The ban has been imposed for its role in the Rs 8,000-crore Satyam scam that took place in 2009.
The regulator also asked PW to pay Rs 13.09 crore, along with interest at 12% per annum from January 2009. Price Waterhouse Network is auditing arm of PWC India.

Two former PW partners namely S Gopalakrishnan and Srinivas Talluri have been barred from issuing audit certificates to listed companies for three years. The two chartered accountants were responsible for auditing Satyam when the fraud came to light.

As per this 108 page order listed companies and intermediaries registered with SEBI shall not engage any audit firm forming part of the PW Network, for issuing any certificate with respect to compliance of statutory obligations which SEBI is competent to administer and enforce, under various laws for a period of two years.

The ban will come into effect from financial year 2018-19 and won’t affect the auditing work for the year 2017-18.

Read Full Story

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *