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GAAP.RUNewsIndian accounting institute probes PwC

Indian accounting institute probes PwC

Firm’s practicing license may be at risk

Author: Penny Sukhraj

Publication date: 12 January 2009

PricewaterhouseCoopers is to be investigated for its role in the accounting scandal that rocked Satyam Computer Services by the Institute of Chartered Accountants of India. The institute regulates the profession in India, and has powers to revoke the firm’s practicing license.

PricewaterhouseCoopers (PwC) is accused in neglecting auditing standards which led to a great accounting scandal of “Satyam Computer Services” whose president Ramalinga Raju already admitted his guilt – PwC’s activities are being investigated by the Institute of Chartered Accountants of India and the Securities and Exchange Board of India – ICAI chair Ved Jain commented.