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RBI does not approve PwC to act as auditor
December, 03rd 2009

The government revealed that Reserve Bank disapproved the appointment of financial consultancy and auditing firm PwC as auditors for commercial banks from the financial year 2009-10.

The prime reason for disapproval is the firm's irregularities and negligence in case of Satyam that resulted in one of the biggest frauds in Indian history.

"After reporting of alleged irregularities on the part of auditors of M/s Satyam Computers, RBI has not approved appointment of PwC as statutory auditor in the scheduled commercial banks from the financial year 2009-10," said Finance Minister Pranab Mukherjee.

The central bank has debarred two chartered accountancy firms, lovelock & Lewes and PwC, the erstwhile auditors of Global trust bank. But after receiving representations from these in August 2007, the RBI suggested banks to consider appointing these firms as auditors.

With the Satyam fraud and alleged role of PwC auditors in it, RBI did not approve of giving auditing assignments to the firm.

The FM also added that the act governing the accountants under the ICAI did not provide for framing rules for regulating services of multinational firms and this is the reason multinational accounting firms are outside the purview of ethical and regulatory framework of ICAI.

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