According to current discussion President of ICAI CA. Ved Kumar Jain said that, " there are 2 possibilities due to which PWC can be held guily, that either PWC was careless in conducting the audit or it was involved in such act."
As per recent news a criminal complaint has been lodged against PWC.
Now what are ur openion on this news, now it is almost proved that both ways whether careless or fraud PWC is responsible.
gud statement by Mr. Jain
System perpetrated Failure/Fraud
Very Neatly put...
thanks to mr. ved. it is very serious problem. this type of negligency all community of ca bad effect.
Where was the statement given?
This is the begining but show must goes on.
Mr. Ved has commented on it as the whole scam was unfolded....in the latest edition of business newspapers....
https://www.financialexpress.com/news/icai-to-seek-explanation-from-satyams-auditor-pwc/407858/
I should say the Auditors of PWC should be removed and debarred from Practice for the entire life. The qualified members who obtained evidence of Cash & Bank Balances should be also held responsible.Partner who signed should be removed from membership and all positions of the CA Institute. He can resume once his charges are acquitted(obviously that will happen).
CFO====Chief Fraudlent Officer should be stripped of CA membership and all the Dr awards given to him. One can't confess that I don't know what is in the amounts declared in B/S. BIG four Audit firms are now expert in Scams and scandals.
CEO= Chief Embazzlement officer
Rating agencies should give a minus rating if the company has Big four Auditors .
Directorate of discipline has already action in this regard & notice to pwc will be issuedf shortly.
we all will speak about this topic for a week and then eill forget .. wat required is total reconstrcting in the system . not just useless talks and temporary actions.
we have to know the facts whether it was careless or involved in the fraud. so we will wait and see.
very bad statement pwc
CAclubindia
