Friday, April 15, 2011

INDIAN ACCOUNTING FIRM FINED $7.5 MILLION OVER FRAUD AT SATYAM

The Indian affiliate of Price water house Coopers routinely failed to follow the most basic audit
procedures. The United States (US) Securities and Exchange Commission (SEC) penalized the firm
for its failed audits of Satyam Computer Services, the Indian company that falsely reported more than
$1 billion profits. The Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB) fined PWC India of $7.5 million, which is the largest American penalty ever against a foreign accounting firm. Securities and Exchange Commission (SEC) stated that failures in the confirmation process on the Satyam audit were not limited to that engagement but cease-and-desist order also issued against the firm.

0 comments:

Post a comment