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 :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: form 3cd :: ACCOUNTING STANDARDS :: cpt :: list of goods taxed at 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
General »
 Top House tax writer suggests measures to mitigate the impact of the border tax
 Consumer goods distributors, wholesalers to bear the brunt of GST
 GST classification woes to continue
 There will be no tax on farm or agriculture income
 RBI, Income Tax Acts to be amended for electoral bonds, Jaitley says
  Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016
 I-T zeroes in on Mumbai trader in first crackdown after demonetisation
  Tax queries answered by Dilip Lakhani, Senior Chartered Accountant
 Income Tax Department Failed To Unearth Black Money Despite Information
 Govt filing twice as many cases as private cos in Supreme Court
 Taxes under GST 'to increase a bit', says CBEC Chairman

Price Waterhouse India admits, Satyam auditing not the only slip-up in india
April, 18th 2011

Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well.

This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting fraud case. For five years, between 2004 and 2009, B Ramalinga Raju, disgraced founder and former chairman of Satyam, booked fictitious revenues and inflated bank balances, right under the noses of the auditors from PW India. The main auditing practice in which the SEC found PW India auditors to be lax relates to not directly confirming cash balances with banks, but instead relying on documents supplied by the company.

Satyam overstated its cash balances with banks by nearly $1 billion without being detected by PW India's auditors. "Respondents failed to exercise appropriate professional scepticism," the SEC said. After the Satyam fraud was unearthed, PW India reviewed its other companies for similar deviations, according to disclosures made by the audit firm to the SEC. It is not known how many clients PW India audited or whether it found similar deviations. PW India declined to participate in the story.

Instead, a PW India spokeswoman referred to a press release issued by the audit firm in the aftermath of the SEC findings. In the release, PW India said it "neither admits nor denies the US regulators' findings", while agreeing to pay the $7.5-million penalty demand raised against it. In a related development, the Institute of Chartered Accountants of India (ICAI) - the Indian accounting regulator that has largely been a bystander in the whole matter - has sent notices to PW India audit firms. "Price Waterhouse has paid the fine as a firm," says G Ramaswamy , president of ICAI.

For more story click below

Source: http://economictimes.indiatimes.com/news/news-by-industry/services/consultancy-/-audit/satyam-auditing-not-the-only-slip-up-in-india-admits-price-waterhouse-india/articleshow/8014191.cms

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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