Sources say that ICAI Council has referred PwC partners to disciplinary
committee in Global Trust Bank case. ICAI Council has found PwC partners prima
facie guilty of professional negligence in GTB case. Three years back when GTB
collapsed RBI has written a firm communication to the institute saying that PWC
has under provided for non performing assets. Later in an RBI inspection, it was
found that the level of NPAs were far more higher than PWC had provided for.
Pricewaterhouse partners were referred for auditing GTB in FY02
and FY03.
Three years ago Global Trust Bank, the Hyderabad based bank, collapsed amid a lot of speculation and lack of credibility - ironically, trust was its middle name. Here is a refresher.
Would their be a layoff? ..:) But I don't hire in India..:)
ReplyDeleteObviously the partners of PWC should be held personally liable....... for the loss as in india an auditing firm has no limited liability.
ReplyDeleteAlso please take note that these firms like PWC, Deloitte and ENY and KPMG dont have any respect for the law of the land. The fat bastards sitting in the head office of these firms treat the law of the land as their front yard play ground. earn heafty fees and other benefits. They only try to comply in word and not in spirit with the law of the land. PWC should be banned and all licence to practice of the top bosses should be dismissed with directives that they have no position to take up in the corporate world.
I think heavy penalties should be levied on these types of auditing companies.
ReplyDelete