The Securities and Exchange Board of India (Sebi) vide its order dated Janaury10, 2018, has placed a two-year ban on PricewaterhouseCoopers (PwC) in India. The penal action arises from PwC’s failure to detect accounting fraud in the erstwhile Satyam Computer Services Limited. The fraud was committed over several years and PWC could not detect it, as it failed to bring ‘professional skepticism’ and apply audit procedures stipulated in auditing standards. The order said, “There can be only two reasons for such a casual approach to statutory audit – either complacency or complicity." Thus, it held that PwC was guilty of
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