Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
Popular Search: TDS :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: VAT Audit :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 No escape from tax on insurance income
 President's Message - September 2014
 Non-filing of I-T return for assessees is subject to tax audit before 30th September
 National workshop on arbitration for co-operative sector to be held on 13th september, 2014 at bkc, mumbai
 Service Tax- some important changes with effect from 1st October, 2014
  New Update Central Board of Direct Taxes August 2014
 CBDT sets up high-level committee to decide retro tax cases
 CENVAT Credit (Eighth Amendment) Rules, 2004 - seeks to extend CENVAT credit benefit on the basis of Service Tax Certificate for transportation of goods (STTG Certificate) issued by the Indian Railways.
 Complying with I-T provisions of clubbing income
 Finance minister opens ICAI e-library
 Time to move forward with a new GST model

Pricewaterhouse gave wrong PAN to Satyam
January, 16th 2009

The Satyam saga gets murkier. Now it has come to light that its auditor, Pricewaterhouse, furnished the company with a "wrong" PAN.
Confirming this Institute of Chartered Accountants of India (ICAI) has said it would take "disciplinary action" against the auditors and may even consider cancelling its licence.

On Thursday, TOI mailed ICAI vice chairman Uttam Prakash Agarwal balance sheets of Satyam Computers that quoted PwC Hyderabad's PAN. Agarwal is heading the high power committee set up by ICAI to probe into the Satyam fiasco. As it turned out, the PAN was that of PwC Bangalore
. PwC Hyderabad technically comes under PwC New Delhi. As per ICAI records and website, PwC Jubilee Hills office is listed under New Delhi 'Northern Region', with the firm registration number given as '012754N'.

The PAN reflected in Form 23 AC (used for filling a company's balance sheet and other documents with the Registrar) of Satyam Computers is that of PwC, Bangalore. After going through the documents, Uttam Prakash Agarwal told TOI, "The PAN (on the balance sheets of Satyam is wrong and our disciplinary committee is now working on it. Since a case is already been filed against PwC, we can't file a fresh case. But this (the documents) makes our case stronger. Depending on the extent of error, we shall decide upon a punishment, with the maximum being cancellation of PwC's licence."

But PwC's woes do not end here. Agarwal says ICAI will also issue notices to S Gopalakrishnan, Talluri Srinivas and Ramakrishna P for signing as PwC partners when they technically are partners with Lovelock & Lewes. PwC had acquired Lovelock & Lewes a decade ago. Though PwC became the public face of Lovelock & Lewes and those who work for the latter are considered as employees of PwC, it technically is a 'PwC network firm in India' and has a separate PAN. "As Lovelock & Lewes partners, the three cannot sign anything on behalf of PwC. Following their reports, notices will be issued to these people," Agarwal said.

Agarwal's statement comes even as chartered accountants in Hyderabad are planning to go to town with similar allegations against the global auditing firm. Sunil Appaji, a senior CA from Hyderabad has written to ICAI saying Hyderabad is a branch of PwC, New Delhi. "When PWC Bangalore has nothing to do with PwC, Hyderabad, then how can the PAN be that of Bangalore and that too when the address stated below is that of Hyderabad. This means that the form was filled in the name of a bogus company," says Appaji.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2014 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Outsourcing Company Offshore Software Outsourcing Software Outsourcing Company India Offshore Outsourcing Company India Software BPO Software Business Process Outsourcing Software Outsourcing India Offsho

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