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Business Tit-Bits: PwC’s illegal Rs 500 crores


It was in January 2009 that Satyam lost its reputation in the giant corporate scam that rocked India and so did its auditor PwC, which certified those bogus financial statements of Satyam. Its partners were jailed for the crime, debarred from CA practice for life, the US authorities fined PwC USD 7.5mn for its negligence, the ICAI held it guilty of professional misconduct and SEBI banned PwC from undertaking any audit of a listed company for a period of two years, till the SAT recently reversed it, playing on technicalities, holding that PwC’s conduct was certainly negligent, but not fraudulent, providing little solace for the thousands of shareholders of Satyam, who lost thousands of crores in this fraud. In this episode of the Business Tit-Bits, Our Business Editor shares his take on the matter. #PwC #SEBI #ED

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