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ICAI slaps notices on PwC India
February, 14th 2012

The inflow of over Rs 200 crore 'sundry income' into several PricewaterhouseCoopers India entities from undisclosed sources is spelling trouble for the global audit major as regulator ICAI has dashed off notices to it, seeking explanations.

Jaydeep Shah, president of Institute of Chartered Accountants of India, said they have sought details from PwC India over the presence of the huge amount of undisclosed money in its entities.  

"We have sent a communication to them, asking them to tell us about the source of the sundry income and how it has been dealt with. We are yet to get a response from them," Shah said.  

When contacted, PW India denied receiving any query from ICAI. "PW has not received any notices so far from ICAI on the alleged inflows," a representative of the firm said. ICAI's action comes close on the heels of an inquiry that the government ordered on the matter after TOI exposed the sundry income in a report published in its January 17 edition.  

Corporate affairs minister Veerappa Moily has directed officials to look into the financial inflows - from undisclosed sources - in audit firms Price Waterhouse (PW) and Lovelock & (LL) and consulting company PricewaterhouseCoopers Pvt Ltd (PwCPL). According to reports accessed by TOI, the PricewaterhouseCoopers India entities would have ended 2010-11 with losses without the large amounts of "sundry income" from undisclosed sources.

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