Satyam

PWC India – let's just forget Satyam

October 26, 2009 Tax and Ethics

According to the Economic Times: Price Waterhouse, the Indian affiliate of global accounting firm PricewaterhouseCoopers, has filed a consent application with capital market regulator Sebi as part of an effort to reach an early settlement to the ongoing investigation into the accounting fraud at Satyam… According to people close to the development, Price Waterhouse filed [...]

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PwC: follow the money

May 26, 2009 Featured

I’m a great believer that in unraveling any scandal that one should always follow the money. Earlier today, Francine McKenna took one heck of a swipe at PwC, accusing it inter alia of: 1) PwC is denying to its own partners the kind of work it’s getting ready to do for clients and the additional [...]

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PwC uses own team to independently investigate self

March 18, 2009 General

Have you heard anything more ludicrous than this coming out of India following the Satyam scandal? Pricewaterhousecoopers (PwC) plans to bring in partners from its international affiliates to do an independent audit of its clients in India, besides what is being done by its Indian partners. Duh? Do they think the rest of us are [...]

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PwC to fail?

February 18, 2009 Featured

I have a bet on with Francine McKenna that PwC will be the first of the big firms to fail. While this may seem like idle and irreverent sport to many, it is a serious issue. Quinn Forensics, a specialist firm of forensic accountant poses the question: Is PwC be about to be barred from [...]

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The good news on Satyam

January 27, 2009 General

While there is still plenty more to discover re: Satyam there is at least one good thing to come out of it. From coverage I am seeing in the mainstream, the crusty and sometimes arcane world of audit is getting long needed attention. I know it’s good sport to put accountants to the sword, a [...]

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The audit

January 27, 2009 General

Quick question – how much do Monty Python and Pricewaterhouse Coopers share in common? The original idea came from a Tweet message via Tomas Otter

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Satyam: Merrill Lynch knew

January 8, 2009 General

One of the recurring questions from yesterday’s shock revelations at Satyam was the nagging feeling that someone must have known what was going on. Late last night I started to see reports indicating that Satyam’s investment bankers Merrill Lynch knew what was going on. According to The Times of India: There’s intense speculation as to [...]

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The Satyam train wreck

January 7, 2009 General

Until today, I’m betting most professionals hadn’t heard of Satyam, despite they’re India’s fourth largest outsourcer. All that changed when chairman and founder B Ramalinga Raju sent a letter to the Indian stock exchange and shareholders holding his hands up to a massive fraud that includes $1 billion in fictious cash assets. When I first [...]

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