Homeland Security officials talk election security on Capitol Hill
Mike Pence caught on the hop by Marlon Bundo tale
There has been, on average, one school shooting every week this year
British officials compare Russia World Cup to Hitler's Olympics
Weather Service Predicting Heavy Rain in San Diego Starting Wednesday Night
PwC banned from auditing listed firms in India
14 January 2018, 01:01 | Opal Carroll
PwC banned from auditing listed companies in India
The order states that PW and audit firms in its network can not issue audit certificates directly or indirectly, but it will not impact the audits taken up for the 2017-18 financial year.
"The network structure of operation adopted by the global accounting firm should not be used as a shield to avoid legal implications arising out of the certifications issued under the brand name of the network", it added. Currently, PW network firms carry out auditing activities for about 75 listed companies, an official in the know told the news agency.
"We are disappointed with the findings of the SEBI investigations and the adjudication order. we are confident of getting a stay before this order becomes effective", PwC said in a statement.
The SEBI order comes nearly seven years after the U.S. Securities and Exchange Commission (SEC) agreed to a $6 million settlement over charges against Indian affiliates of Price Waterhouse related to deficient auditing of Satyam.
The board also ordered PwC and two former partners who worked on Satyam's accounts - S Gopalakrishnan and Srinivas Talluri - to repay over Rs 130 million ($2 million) of wrongful gains. The firm added that it had "learnt the lessons of Satyam" and brought in high-quality audit practice.
Price Waterhouse has, expectedly, rejected the charges brought out against it by Sebi while expressing its disappointment on the ban.
"As laid down by the Hon'ble Supreme Court, it is incumbent on Sebi to take stern view of market abuse and fraudulent practices, particularly when persons tasked with protecting the interest of investors are themselves hand-in-glove with the main perpetrators of the fraud", Sebi said.
Satyam, which was bought by Indian IT firm Tech Mahindra in an auction in 2010, and PricewaterhouseCoopers agreed in 2011 to pay a combined $17.5 million to settle US probes into the fraud.
On January 7, 2009, Satyam's chairman Ramalinga Raju admitted his guilt and wrote a letter of confession to the employees. "Their interests are fully protected and we are hopeful of a positive verdict when we appeal against the Sebi order", said a senior PW executive.
PW was the auditor of the company between 2000 and 2008.
The Indian authorities said that, from 2003 onwards, Satyam's sales revenues were inflated by accounting for 7,561 fake invoices, and Price Waterhouse failed to check the veracity of the monthly bank statements.
The Securities and Exchange Board of India said that PwC was complicit with the main perpetrators of the accounting fraud at Satyam Computer Services nine years ago, and it was found that audit firm did not comply with the auditing standards and norms.
Warriors' Stephen Curry expected to return vs
Jonas Valanciunas's dunk pulled the Raptors to within 94-83 with 3:16 remaining but Golden State ended the quarter on an 11-2 run. The Golden State Warriors are allowing 36.3 percent shooting from deep and are grabbing 44.8 rebounds per game.
Trump to attend the World Financial Discussion board at Davos
The former Goldman Sachs banker and Hollywood financier added "the economy that is good for the U.S.is good for the world". Trump will be the first American president to attend the Davos World Economic Forum since former President Bill Clinton.
Murray withdraws from Australian Open
This is the second Slam in a row that Murray has had to withdraw from, having pulled out of the US Open days before it started. Australian Open's tournament director Craig Tiley said he respected what was a "very hard decision for Andy ".
Butterflies and Moths May Have Predated Flowers
A light microscope, and later a scanning electron microscope, revealed the scales to be petal-like structures. The hollow scales provided clues for another mystery, this one concerning the insects' mouths.