« Top Headlines » Open DEMAT Account in 24 hrs  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money  ITAT Cuts ?4.85 Lakh Penalty After ?14.02 Lakh Interest Income Was Missed in ITR  ITR filed under old regime, tax calculated under new regime; Delhi ITAT gives taxpayer relief  ITAT Delhi Quashes Tax Notice on AMU PG Student’s ?18.34 Lakh Stipend, Declares It Tax-Free Under Section 10(16)  Advance tax deadline September 15: What happens if you missed the previous instalment payment? «  Tax reforms necessary for JNNURM funds: Civic chief... Net direct tax receipts dip 13.4% in Dec... » Calls for audit of PwC role in fiasco January, 08th 2009 The Satyam fiasco has called into question the sanctity of its auditors. Although its still early days to speculate whether Satyams auditors were party to the fraud or merely failed to perform their duties, it is beyond doubt that the whole incident threatens to paint the fraternity of auditors and chartered accountants with a black brush. On the issue, an ICAI council member, who declined to be named said: As auditors, we definitely have a role to play. This incident gives the entire CA fraternity a bad name. If we unravel any wrong doings on the part of the auditors, the institute will initiate action against the concerned auditor. KPMG head of markets Pradip Kanakia said: Audit professionals globally were just about recovering from the scam in the US and Europe. Now, auditors role will be questioned in India too. If negligence on the auditors part is proved, there will be huge dent on the confidence on auditors in general. Although, PwC is our competitor, this is not the time to rejoice. Mr Kanakia felt that given the magnitude and complexity of the fraud, role of everybody concerned would be questioned. This needs deep investigation and it would require months to unravel the whole story. Mr AK Doshi, partner of Doshi, Chatterjee, Bagri & Co, also observed that it was a collective failure of the Satyam management, its board of directors, and senior executives, audit committee and its internal and external auditors. This seems to be a one-off incident and we need some more clarity to term this a systemic failure. So far what has come to the media glare may not be the whole story. This may have a negative impact on the confidence on CAs in general, said Mr Doshi. Satyam is listed in the US and accordingly may face penal action by the US Securities and Exchange Commission. Under Sarbanes-Oxley Act 2002 of the US, the Satyam management and its auditors may face penalty as well as criminal proceedings for wilful mis-representation of financial statement, said Arijit Chakraborty, vice president Inkwest Management Consultant, a business advisory firm. Another accountant said: Auditing as a profession may go down as a result of the incident. But unlike the Enron case in the US, no nexus has yet been proven between the auditors and Satyam. Also, auditors be in Big 4 or Big 20 get very little time to go through the information provide by the company given the pressure of quarterly audits. Having said that I must also say since cash was involved in this case, there must have been some lapse on the part of the auditors. After all, auditors are required to go through reconciliation of bank accounts and obtain confirmation from bankers. They also need to check the fixed deposits.