Market regulator SEBI on Wednesday banned global auditing firm Price Waterhouse Network from engaging in audit work with any listed company for two years starting April 2018 for its role in the Rs 8000 crore Satyam scam that took place in 2009. Price Waterhouse Network is auditing arm of PWC India. The ban will come into effect from financial year 2018-19 and won’t affect the auditing work for the year 2017-18. The order said that listed companies and intermediaries registered with SEBI shall not engage with any audit firm forming part of PW Network, for issuing certificate with respect to compliance of statutory obligations which SEBI is competent to administer and enforce, under various laws for a period of two years.
SEBI has been investigating the role of auditing firm Price Waterhouse Bangalore in the Satyam Scam, which audited Satyam Computers between 2000 and 2008. The firm issued a statement saying “We are disappointed with the findings of the SEBI investigations and the adjudication order and declined any involvement in the fraud. The firm has further said that the SEBI order is also not in line with the directions of the Hon’ble Bombay High Court and have said that they are confident of getting a stay before this order becomes effective. In September 2017, PWC had moved a consent plea with SEBI to settle the investigations relating to its role in the Satyam scam, which was rejected by the regulatory body.
1830
1640
630
54
101277