Price Waterhouse India Can’t Audit US-listed Cos for 6 Months
Price Waterhouse India, the audit arm of consulting major PricewaterhouseCoopers, or PwC, will not audit US-listed companies for six months, according to an undertaking given by the audit firm under a settlement process with the US markets regulator.
The Securities and Exchange Commission (SEC), the US regulator, will appoint an independent expert to check the compliance of Price Waterhouse’s commitments and interact with the external advisory board that has been guiding Price Waterhouse on functional norms after the Satyam Computer fraud surfaced in 2009. On April 6, the SEC said it fined Satyam Computer $10 million for fraudulently inflating revenue and levied on Price Waterhouse a fine of $7.5 million for conducting deficient audits and enabling a fraud to go undetected. A Price Waterhouse spokesperson did not want to comment.
Price Waterhouse India, the audit arm of consulting major PricewaterhouseCoopers, or PwC, will not audit US-listed companies for six months, according to an undertaking given by the audit firm under a settlement process with the US markets regulator.
The Securities and Exchange Commission (SEC), the US regulator, will appoint an independent expert to check the compliance of Price Waterhouse’s commitments and interact with the external advisory board that has been guiding Price Waterhouse on functional norms after the Satyam Computer fraud surfaced in 2009. On April 6, the SEC said it fined Satyam Computer $10 million for fraudulently inflating revenue and levied on Price Waterhouse a fine of $7.5 million for conducting deficient audits and enabling a fraud to go undetected. A Price Waterhouse spokesperson did not want to comment.
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