Additional Advocate General for Uttar Pradesh Garima Prashad told a bench of Justice Surya Kant and Justice J K Maheshwari that the crime is grave.
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.