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Latest Messages |
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| Posted by: Chhail |
January 14 , 2009, 01:00 IST |
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| I think we all should wait for the reply which will be given by PWC against the notice issued by ICAI within 21 days...............
Reply by PWC can give a different angle to this frau case... |
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| Posted by: Gopan |
January 10 , 2009, 20:07 IST |
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I strongly feel its unfair to list the name of clients...... All of us knows that many cases we forced to rely on third party evidence..... if bank officers along with mgt forged the statement???... I believes that PWC can explain the fact.... we have an apex boby to investigate the matter.... lets ICAI investigate and find the fact. |
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| Posted by: manojtiwari |
January 09 , 2009, 11:00 IST |
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| its time to act very fast.icai should debar pwc hyderabad from signing any audit .thorough investigations should be on with regard to satyam.i hope every angle should be investigated. |
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| Posted by: thamiz |
January 09 , 2009, 10:35 IST |
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| Mr.Raju has mentioned in his letter that it was continuing for years. so blindly giving comments about pricewater coopers is not right, we will wait till the true picture to come. |
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| Posted by: AbhiAsati |
January 09 , 2009, 09:58 IST |
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| This fraud is clear nexus of Board of Directors, top official, Statuary auditors, Internal Auditor of the co. It is the responsibility of auditor to disclose the fraud in the statement of accounts. But according to me management is also liable for any type of fraud if he know the same.
I agree with icai. the person foud guilty should be punished. before that we have to ensure that the right person is punished. |
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| Posted by: sasi |
January 09 , 2009, 09:29 IST |
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| It is not proper to comment on the auditors without investigating, into the matter...The ICAI should undertake rigourous investigations and inquiries before getting to conclusions |
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| Posted by: VSM |
January 09 , 2009, 01:04 IST |
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| Dear readers / commenters,
I am not a PwC employee, but there are a couple of points to be noted:
PwC supposed follows good auditing standards,
Points raised by Jay w.r.t. no signature but initials of Ramalinga Raju, etc are very vital.
Auditors are Watch Dogs not Blood Hounds. If as auditors, they relie on mgmt representation as evidence, they cannot be held as negligible in duty.
If ICAI finds PwC liable for any misdoings they should punished as per the provisions of ICAI & Co Act
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| Posted by: VM |
January 08 , 2009, 20:26 IST |
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| Before pin pointing anyone,the real facts should be seeked into and then only proper action ought to be taken. |
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| Posted by: SANJAY |
January 08 , 2009, 18:58 IST |
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| It is the time to save reputation of ICAI. The ICAI should take action against Audit firm PWC immediately without loss of time.The Satyam episode paint the black warnish on the face of all CA community. |
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| Posted by: Sarita |
January 08 , 2009, 18:53 IST |
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| As with the GTB case - again someone is chanting PricewaterhouseCoopers and PricewaterhouseCoopers Private Limited are separate. The truth is all reside in the same building, advisory gets projects from assurance, have joint parties :), so why not face the music jointly? |
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| Posted by: Rahiman |
January 08 , 2009, 18:19 IST |
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| Action should be taken very seriously. Otherwise there will no Security.It is the duty of auditor to disclose the fraud in the statement of accounts. because on the basis of this balance sheet people( small investor) invest in the company. If the big firm do like that than how can people belive in such statement. |
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| Posted by: jeet |
January 08 , 2009, 17:28 IST |
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| I agree with icai . the person foud guilty should be punished. before that we have to ensure that the right person is punished. we have to look into facts and figures. |
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| Posted by: SANJAY |
January 08 , 2009, 16:54 IST |
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| Strong action should be taken against PWC. However problem lies with appointment of auditors,it should be done by a Independent body viz MCA etc. and by the Copmanies themselves. I would ensure Independence of auditors. |
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| Posted by: Siddharth |
January 08 , 2009, 16:13 IST |
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| Its obvious PWC PVT. LTD co. is not auditing the accounts its the PW(PRICE WATERHOUSE) partnerhsip which is doing the same.. |
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| Posted by: Amit |
January 08 , 2009, 16:08 IST |
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| The only way to minimise such things in future is robust change in way we conduct audits.Moreover ICAI must frame rules to new way of audit as Altenate Audit,ie extra audit to be conducted by different auditors,besides the regular audit u/sec 44B of IT Act.The criteria should be based on turnover i.e for eg a co with turnover >100 crs to conduct alternate audit every 3 yr and co <1000 cr every yr.This system will minimise the chances of fraud as 2 diff sets of auditors will examine the books |
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| Posted by: RohitGupta |
January 08 , 2009, 15:55 IST |
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| ICAI should have taken strong action against everyone who were involved in the fraud. Whatever is done by PwC is not believable and before giving true and fair view it have to think about the 50,000 families and the common shareholder
Whatever happen is very bad but we have to take lesson from it that before doing any thing we have to understand it properly.
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| Posted by: sachin |
January 08 , 2009, 15:13 IST |
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| it is the duty of the auditor to see whether the accounts are properly or not. why it is continued for so many years. what is the reason behind it? |
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| Posted by: NAYAN |
January 08 , 2009, 14:46 IST |
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| I completely agree with MM, there is no point in putting the list of companies audited by PwC? It shows the rackless and irresponsible act and behaviour of people who are behind this.Absolutely Absurd. PwC should be given a chance to prove themselves... |
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| Posted by: cavinayrelan |
January 08 , 2009, 14:45 IST |
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| This fraud is clear nexus of Statuary auditors, Internal Auditor, Board of Directors, top official of the co.In this case even govt. agency like SEBI, MCA, IT Dept etc are also fail to track the fraud, which has been committed in past by showing excess cash and overstated assets etc over period of time,Its a case of worst corporate gover. pract.We think even basis tool of audit like physical verification of cash etc are not follow. We can not expect from PWC like firm to do these type of audit |
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| Posted by: K.NAYAN |
January 08 , 2009, 14:44 IST |
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| The Satyam episode questions the independence of the statutory auditors. Even if the auditors are appointed by the shareholders in the AGM, the shareholders have little role in it, rather than pass the ordinary resolution put by the Board. The shareholders may not have the knowledge and time to assess the auditors. The auditors do not qualify their reports for want of their next year assignment. Company auditors should be appointed by some independent authority like MCA/SEBI from their panel. |
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| Posted by: Jay |
January 08 , 2009, 14:40 IST |
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| Dear Writers, Please think for few minutes that why should a firm like Pricewaterhouse be involved ina fraud like this? Dont they think about their ethics and reputation?why the letter is not signed by Raju? Why is it only initialled? It is very easy to blame others without knowing the truth...please dont pinpoint one....this is a time we should stay composed |
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| Posted by: CA.Yogesh.Kodwani |
January 08 , 2009, 14:37 IST |
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| An audit always carry an inherent risk which means the management can restrict or hide from them the information which if they would have got, the problem would have been identified at the right time. Let us hear the justification of PWC and then reach at the conclusion. |
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| Posted by: Hitesh |
January 08 , 2009, 13:57 IST |
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| It is the responsibility of auditor to disclose the fraud in the statement of accounts. because on the basis of this balance sheet people( small investor) invest in the company. If the big firm do like that than how can people belive in such statement. |
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| Posted by: Nutan |
January 08 , 2009, 13:45 IST |
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| It is not proper to comment on the auditors without investigating, into the matter...The ICAI should undertake rigourous investigations and inquiries before getting to conclusions. |
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| Posted by: Rameshwar |
January 08 , 2009, 13:12 IST |
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| if auditors would have done properly,then they are not resoponsible.however, they would have aware of these fraud then are guilty of misconduct. |
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| Posted by: AnilRana |
January 08 , 2009, 12:54 IST |
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| Let we recall at this point of time that Auditor is considered as watchdog for the members of the company.
if the dog does not make noise when a stranger(may be a thief) enters is an indication of unfaithfulness.
Same is true in case of Satyam. The Auditors(Watchdogs) became corrupt and the disaster took place.
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| Posted by: CA.G.V.Sagar |
January 08 , 2009, 12:15 IST |
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| I think, it seems to be there is clear auditors involvement so auditor is mainly responsible for this fraud. |
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| Posted by: Harish |
January 08 , 2009, 12:14 IST |
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| Shame ful for the big fours and this the time that the pannel can be formed by the ICAI for the auditing the top companies and allocation each department can be given to various audit firms and so that financial statement can be look good and be satisfy for the stake holders |
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| Posted by: Mohan |
January 08 , 2009, 11:21 IST |
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| I think, auditor is mainly responsible for this fraud, as they have supported the managmenet for doing wrong things |
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| Posted by: Mohan |
January 08 , 2009, 11:21 IST |
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| I think, auditor is mainly responsible for this fraud, as they have supported the managmenet for doing wrong things |
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| Posted by: Mukund |
January 08 , 2009, 11:15 IST |
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| Company Auditor should be appointed by MCA in line of RBI appointing bank audit. only this will make auditor independent |
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| Posted by: YA |
January 08 , 2009, 10:53 IST |
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| I completely agree with MM, there is no point in putting the list of companies audited by PwC? It shows the rackless and irresponsible act and behaviour of people who are behind this.Absolutely Absurd. PwC should be given a chance to prove themselves... |
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| Posted by: Jaydip |
January 08 , 2009, 10:47 IST |
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| This is a shameful act on PWC part. The main purpose of auditing and certifying financial results is to authenticate the True and Fair view of Financial statement and also related operations of the company. When we talk about PWC , we always thought of High standard of integrity and assurance. That image is surely tarnished and damaged by now.Moreover not only PWC damaged their image but also left a black spot on CA community at large.
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| Posted by: BALAKRISHNAN |
January 08 , 2009, 10:26 IST |
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| The Satyam episode questions the independence of the statutory auditors. Even if the auditors are appointed by the shareholders in the AGM, the shareholders have little role in it, rather than pass the ordinary resolution put by the Board. The shareholders may not have the knowledge and time to assess the auditors. The auditors do not qualify their reports for want of their next year assignment. Company auditors should be appointed by some independent authority like MCA/SEBI from their panel. |
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| Posted by: Shash |
January 08 , 2009, 09:23 IST |
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| Auditors should be barred from practising for lifetime and should ne punished severely |
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| Posted by: Yashwant |
January 08 , 2009, 02:33 IST |
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| We all respect our TOP most CA firms like PWC and if the audit firm like PWC is involve in this fraud every person invloved must be punished under all laws of land to the maximum extent possible. |
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| Posted by: Aditya123 |
January 08 , 2009, 01:10 IST |
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| PwC Pvt Ltd is different and Pricewaterhouse is different. Pricewaterhouse is a firm.. n i guess it has audited Satyams.... N i thnk we shud wait and not pass any negative comments on PwC....As it is one of the Big 4s.... We shud hear the other side of the story... |
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| Posted by: Aditya |
January 08 , 2009, 01:05 IST |
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| PricewaterhouseCoopers Pvt Ltd and Pricewaterhouse are two different companies... Pricewaterhouse is a firm.. |
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| Posted by: Aditya |
January 08 , 2009, 01:03 IST |
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| Pricewaterhouse Coopers Pvt Ltd has not audited Satyams. Its Pricewaterhouse (Firm) who has audited. PricewaterhouseCoopers Pvt Ltd. and Pricewaterhouse are two different companies... |
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| Posted by: SS |
January 08 , 2009, 00:01 IST |
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| Arthur Anderson was laid to rest due to Enron. I hope PWC meets the same fate. It is high time that auditors and the auditing companies are held liable for the signature they affix while they certify the company finances. Auditing companies are highly paid, not to get in bed with the management, but to give a clean chit and find faults with managements misrepresentation. |
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| Posted by: Michael |
January 07 , 2009, 22:51 IST |
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| The ICAI does not have a reputation for being energetic or committed to maintaining probity in the CA profession. Whilst their alacrity in SAYING they will take stern action in the Satyam case cannot be faulted, I request them to display the list of members who have been (a)formally investigated, (b) held guilty, and (c) disciplined/punished over the past 10 years. My guess is that the list would be rather brief. |
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| Posted by: Michael |
January 07 , 2009, 22:51 IST |
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| The ICAI does not have a reputation for being energetic or committed to maintaining probity in the CA profession. Whilst their alacrity in SAYING they will take stern action in the Satyam case cannot be faulted, I request them to display the list of members who have been (a)formally investigated, (b) held guilty, and (c) disciplined/punished over the past 10 years. My guess is that the list would be rather brief. |
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| Posted by: C.A.AmitDaga |
January 07 , 2009, 21:54 IST |
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| As a Chartered Accountant its shame on me.Thatswhy i bel all the companies have appointed Indian C.A instead of appointing global firms like PWC, KPMG E & Y etc. Because Indian accountants knows indian manipulation. |
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| Posted by: bhopal |
January 07 , 2009, 20:50 IST |
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| strong punishment means in india nothing they should not only bar from practice for life long they should be hang in public they are more responsible even more than raju |
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| Posted by: Vivek |
January 07 , 2009, 20:28 IST |
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| Press should stop over reacting......Why put PwC list of clients.......
Let PwC come out with the facts...under what circumstance they certified the figures.......Raju statement that 5000 crores bogus bank balance looks absurd......
If there is negligence we have ICAI to take action.
Let not the Media mess up and pass judgements.
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| Posted by: Ravi |
January 07 , 2009, 20:11 IST |
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| Is the whole bureacracy corrupt, whom we think that they will lead India.Is it not the responsibility of every Indian to do right to their job honestly? Is not the loyal employees in a Coma as they got blood in return for the blood they have shed for building Satyam.
But nothing will happen because this is India!!! and we will forget this tommorrow morning and no one is worried if 50000 families come on the road.
The only Solution...Voice OUT....Voice OUT...
Vande Matram |
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| Posted by: RahulRanjan |
January 07 , 2009, 19:59 IST |
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| I think PWC role in this whole saga must be scrutinised and if found guilty, which looks quite probable, be banned from this elite job. This is a little price that should be paid for compromising with ethical standards............ |
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| Posted by: nwusr |
January 07 , 2009, 19:34 IST |
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| Mr MM, are you an employee of PWC ? We all will definitely hear PWC but they are auditors ,it was their job to prevent or at least report what was happening in SATYAM? |
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| Posted by: MM |
January 07 , 2009, 19:17 IST |
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| Whats the point in putting the list of companies audited by PwC? Does this mean these companies have also manipulated the accounts and given green signal by PwC? Absurd. Entire facts are yet to surface.This involves inflated cash. Now hows that possible? whats the role of banks in this? If documents are forged what can the auditors do? Reliance is placed on management on certain audit evidences. Remember Arthur Anderson was aquitted in enron case. Stop overreacting. Lets hear PwC too |
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| Posted by: AtulGupta |
January 07 , 2009, 19:11 IST |
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| Most of the CA firms follow the practice of certifying accounts based on the representation letttr from the management, this practice should be immediately stopped by the ICAI. |
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| Posted by: KETAN |
January 07 , 2009, 19:11 IST |
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| PwC is a one of the top most CA firms in INDIA. Its a shameful act & a DHABBA on CA professionals which needs to be wiped out. All the Companies Audited by PwC should go under a scrutiny. |
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| Posted by: MM |
January 07 , 2009, 18:59 IST |
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| Whats the point in giving the entire list of companies audited by PwC? Does it mean all those companies have also indulged in window dressing to which PwC has given green signal? Absurd!!!If PwC is found guilty they need to be a party to the disciplinary action. But people are overreacting. Remember Arthur and Anderson was acquitted from Enron case. How many people know this? Stop overreacting and wait for the actual facts to emerge before throwing stones at PwC. |
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| Posted by: MM |
January 07 , 2009, 18:59 IST |
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| Whats the point in giving the entire list of companies audited by PwC? Does it mean all those companies have also indulged in window dressing to which PwC has given green signal? Absurd!!!If PwC is found guilty they need to be a party to the disciplinary action. But people are overreacting. Remember Arthur and Anderson was acquitted from Enron case. How many people know this? Stop overreacting and wait for the actual facts to emerge before throwing stones at PwC. |
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| Posted by: RKDhandia |
January 07 , 2009, 18:39 IST |
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| If CA found guilty of professional negligence then he should be punished severely under all laws of the country. The firm should be debarred from further audit for next 10 years.
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| Posted by: Venu |
January 07 , 2009, 18:04 IST |
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| PriceWaters India needs to be throughly investigated for their role in this scam..Class 10 students would have dn a better job auditing the company by asking for bank statements of the money that the company claimed they had.Let me see where do we begin to investigate..Raju/Satyam internal accountants, PWC, bankers...geez this can go on. I wonder what the real profits of the remaining stock market listed companies audited by PWC are? The basics of auditing according to PWC are 2+2=22
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| Posted by: Chandrashekhar |
January 07 , 2009, 17:59 IST |
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| Its really a shame for Corporate India. Considering the disclosure made by Raju in his letter its very obvious that such a quantum of fraud cannot go undetected by the auditors and its clear that the auditors are very much involved in the fraud. Second the whole story also points fingers on the effecincy of the directors whome Raju claims to be unware of the entire fraud transaction and windown dressing of the accounts. |
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| Posted by: Ab |
January 07 , 2009, 17:38 IST |
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| How can PricewaterhouseCoopers Pvt. Ltd a private limited company be the auditor of an Indian company |
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| Posted by: Zacharias |
January 07 , 2009, 17:36 IST |
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| Can PricewaterhouseCoopers Pvt. Ltd audit the accounts of an Indian Company |
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Content Guide
