Will PwC be punished for lapses?
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The fact that the Satyam fraud went on undetected and uncorrected for years and without any external audit and accounting mechanism picking it up raises serious questions as to the actual degree of implementation and enforcement of such practices as part of a credible, effective and sound auditing system. Also, given that the audit firm in question was also involved in the affairs of Global Trust Bank and DSQ not long ago, it may be relevant to ask what corrective actions were taken by the firm to mitigate or prevent opportunities for fraud, reckless mismanagement, and conflicts of interest raising the potential for such behaviour within its own organisational set-up. #doc
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