India's big four audit firms are PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young, while ICAI is the apex regulator of the profession of chartered accountants.
The Central Bureau of India on Monday opposed the bail plea of Price Waterhouse auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
The Institute of Chartered Accountants of India has found two top officials of Satyam Computer Services and four auditors of Price Waterhouse prima facie guilty in the Rs 7,800-crore (Rs 78 billion) fraud case, a top ICAI official said.
Setting aside the ban on PwC, which is one of the Big Four global accounting firms, SAT said only the national auditors watchdog ICAI (Institute of Chartered Accountants of India) can take any action against its members and fraud cannot be proved on the basis of negligence in auditing.
India's rupee is likely to remain under pressure due to high prices of crude oil and other commodities, and may stabilise at around 79-80 against the US dollar in the near term, say experts amid limited headroom available with the Reserve Bank to check the weakening of the domestic currency. The currency has slumped over 5 per cent this year after Russia's invasion of Ukraine sent international crude oil prices soaring to a decade high. On Monday, rupee ended at a fresh all-time low of 78.34 (provisional) against the US dollar.
PricewaterhouseCoopers India campaigns to appear responsible as it distances itself from the mess surrounding former client Satyam
Indian vice-captain Rahul Dravid led the Test batting honours for the second straight week.
Chartered accountants body ICAI on Saturday served a showcause notice on auditor PriceWaterhouse and asked it to submit balance sheets of Satyam Computer audited by it in the last five years.
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
The Supreme Court on Thursday cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam's internal auditor V S Prabhakar Gupta, directing them to surrender by April 30.
Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop of alleged lapses and misdoings during the tenure of Grover as managing director. IPO-hopeful BharatPe, which allows shop owners to make digital payments through QR codes, has implemented a new code of conduct for senior management and employees and brought in a comprehensive vendor procurement policy to avoid a repeat of alleged lapses that happened when Grover was managing director.
According to a survey, Indian CEOs are most confident of economic growth in next year. India is followed by other BRIC nations, Brazil, Russia and China.
The Securities and Exchange Board of India (Sebi) has allowed Price Waterhouse to cross-examine some of the entities involved in the Satyam scam. The capital market regulator has, however, refused permission to cross-examine the erstwhile top brass of Satyam, including Ramalinga Raju (former chairman) and Vadlamani Srinivas (former senior vice-president & CFO).
A questionnaire sent to Price Waterhouse was not answered.
PricewaterhouseCoopers is looking at doubling its employee strength in Kolkata in the next 4 years for all its verticals that include tax advisory, regulatory and audit advisory services. At present, it has close to 1000 employees in Kolkata.
There is little that Andreas Schmid, the Swiss-born chairman of Flughafen Zurich AG (Zurich Airport International AG), and Yogi Adityanath, chief minister of Uttar Pradesh (UP), could have in common. But Schmid, whose company is building the Noida airport in partnership with the UP government, finds himself on the same footing as the firebrand Hindutva leader who rules the state. Both hope the Rs 30,000-crore ($4 billion) project, hanging fire for 20 years, shows some progress when UP goes to the polls in 2022.
A bench headed by Chief Justice K G Balakrishnan directed Talluri to furnish a personal bond of Rs 20 lakh (Rs 2 million) and two sureties of like amount.
The 'mystery' of the education business sale by Cox & Kings is part of an Enforcement Directorate investigation, which is also examining the siphoning-off of funds to the tune of Rs 21,000 crore to dozens of so-called related-parties, highlighted by the forensic auditor.
"Yeh sab doglapan hai." With these words, Ashneer Grover not only called out an entrepreneur being hypocritical, but also shot to fame as a reality television star. It happened in the first few days of January, when the funded part of the start-up world needed some warm-up to get back to work, and inevitably Grover's antics on the show became a talking point. The Twitterati also debated whether it was unbecoming of a founder to diss a peer's business model with such abrasion. And hundreds of memes, with the dialogue set in various circumstances, flooded social media.
Foreign banks set the template in consumer banking in its infancy, but have almost vacated this booming space.
In a move to plug gaps in the Insolvency and Bankruptcy Code (IBC), the ministry of corporate affairs (MCA) has proposed robust norms against avoidance transactions, wrongful trading, and inordinate delays via changes to look-back period and fixed timelines for the tribunals to reject or approve plans, among other measures. The MCA has proposed that the IBC should provide the adjudicating authority with 30 days for approving or rejecting a resolution plan under Section 31. If a decision is not made on the resolution plan within that period, the adjudicating authority will record reasons in writing for the same, the ministry has proposed.
Superintendent of Police M S Bhatia said around hundred ultras surrounded the station and asked railway employees and passengers to vacate the place. They then exploded dynamites.
The company said the dress code issue involving Thorp at its central London office was "not a PwC policy".
The Indian Broadcasting Foundation (IBF) on Monday announced the appointment of former Supreme Court judge Justice Vikramjit Sen as the Chairman of its newly formed self-regulatory body Digital Media Content Regulatory Council (DMCRC).
The incident occurred in Wara village in Patna district.
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
But the PwC report also added that India would not be able to bridge the gaps in infrastructure by 2030 even after spending heavily in transport and logistics.
"I told my office to take permission of the court because I want director, discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri).
A Bench headed by Justice S H Kapadia has posted the matter for the hearing on December 9. PWC had challenged the Calcutta high court's judgement that held that the firm had failed to furnish its true and correct particulars of accounts while filing the returns.
'While OTTs are a reality, big film producers will prefer a theatrical release before a digital one.'
ICAI starts proceedings against software firm's CFO and head of audit cell.
'At the first board meeting I chaired, I sensed that corporate governance is an issue in this company.' 'I started taking steps that may have aggrieved a few.' 'This has now become a mission I intend to accomplish before I step down.'
'Health will continue to be at the centre of the government's attention as it underpins economic recovery and our collective well being.'
Easier dilution norms for mega initial public offerings (IPOs) have come into effect. Companies with post-listing market capitalisation (m-cap) of more than Rs 1 trillion will not be required to dilute a minimum of 10 per cent. The move to relax dilution norms is seen as a precursor to Life Insurance Corporation's IPO. The central government has said companies with an m-cap exceeding Rs 1 trillion will have to dilute Rs 5,000 crore and at least 5 per cent of their m-cap. Experts said the earlier framework discouraged large companies from listing since they were forced to offload a large volume of shares during the time of their IPO.
In a major development in the Satyam fraud case, US regulators on Tuesday fined the software firm and its auditors PriceWaterhouse India up to $17.5 million for the accounts bungling that went undetected for several years.
Amid fears of a third wave of coronavirus pandemic and hardening of retail inflation, the Reserve Bank is likely to maintain status quo on interest rate and watch the developing macroeconomic situation for some more time before taking any decisive action on monetary policy. The RBI is scheduled to announce its bi-monthly monetary policy review on August 6 at the end of the three-day meeting -- August 4-6 -- of the Monetary Policy Committee (MPC). The RBI Governor-headed six-member MPC decides on the key policy rates.
China on Tuesday announced a major policy change for its crisis-ridden power sector by allowing coal-fired power plants to charge their industrial and commercial customers market-driven prices. The National Development and Reform Commission (NDRC) of China said the electricity generated by coal-fired plants would discover price in market trading "in an orderly manner" from October 15. This is being done to pass on the high costs of coal and is being held up as the boldest reform in the Chinese power sector.
IIM Lucknow has concluded its 2020-21 final placements.
Govt has decided to suspend Sections 7, 9, and 10, which are used to trigger insolvency proceedings for six months or a period not exceeding one year from the date they commence.
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