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PWC blacklisting by ICAI

Nikhil Kumar (CA , Qualified CPA) (910 Points)

07 January 2009

Recentely a news channel said that ICAI is in the process of blacklisting PWC. Does this mean that their involvement in fraud in proved?

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10 Replies

CA. Raj Bolmal (PRACTICING CHARTERED ACCOUNTANT) (197 Points)
Replied 07 January 2009

Auditors base their observations on documentary evidence provided to auditors and Mr Raju did not mention that the figures provided to auditors were wrong. However, if the auditors have failed, the institute will file an 'Information Case' against the concerned individual (at PwC, in this case) as a first step."

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Jitender (Chartered Accountant) (8724 Points)
Replied 07 January 2009

it has not been proved whether pwc is involved in this or not but this scam reaaly put a question mark on their work.

CA. Rajeev Aggarwal (Chartered Accountant) (3424 Points)
Replied 07 January 2009

I think we shuld give chance to pwc to present their views

Nikhil Kumar (CA , Qualified CPA) (910 Points)
Replied 07 January 2009

I too think we should wait for some time. I strongly feel there's much more to be revealed out in the future

CA Amit Pandya (CA, M.com) (419 Points)
Replied 07 January 2009

Price water big name???!!!!!!!

Why they are not coming on CNBC or any other news channel???

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Nikhil Kumar (CA , Qualified CPA) (910 Points)
Replied 07 January 2009

they are on every news channel

ramji google (practice) (55 Points)
Replied 08 January 2009

But we all will forget this news after 15 days. Now we all forgot Mumbai terror attacks, money paid to MP's in parliment, Lehman case...

giribabu (Finance Controller) (35 Points)
Replied 08 January 2009

Dear Friends,

Good Morning, All of you know, as per the Accounting and Auditing Standards issued by the ICAI, auditor is a watch dog not a bloodhound, as an auditor express his opinion, after satisfying based on the information & explanation given by the Management. Whereas while expressing his opinion auditor should follow the ethics issued by the ICAI. Now come to the point in SATYAM case as an auditors how satisfy the wrong information given by the SATYAM Management. One more thing friends Mr. Ramalingaraju was misused his resposibilities and rights by using loopholes in Indian Acts & Political background. In this case auditors (PWC) also liable.

Thanks,

Giri

CA M Z Abraham ( ) (24 Points)
Replied 08 January 2009

Yesterday on TV our President seems to be sayiing action can be taken against ICAI Member only and not PWC, Is it correct? If so how come PWC PVt Ltd is doing attest functions in India?