sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19
 Income tax returns (ITR) filing: Have you received I-T dept notice? Safeguard yourself; here is how
 Delayed release of electronic ITR forms may compel CBDT to extend the filing deadline
 Trading volume linked to tax return?
 How to e-verify your income tax return? Here are five ways to do it

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.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions