India bans PwC from auditing listed firms for 2 years
India accuses accountancy firm PricewaterhouseCoopers (PwC) of failing to spot a $1.7 billion fraud at the defunct Satyam Computer Services. PHOTO | FILE
India’s securities regulator has banned global accountancy firm PricewaterhouseCoopers (PwC) from auditing listed companies in the country for two years, for failing to identify a $1.7 billion fraud at the defunct Satyam Computer Services.
According to the Financial Times, the Securities and Exchange Board of India accused the accounting firm of neglecting to check glaring anomalies in the financial reports of Satyam, once the fourth-largest software services firm in the country, between 2003 and 2008.
