Comments on: Satyam Scandal – PwC Turning Into Tandoori

By: re: The Auditors » Blog Archive » PwC “Restructures” Indian Consulting Business: Will It Be Enough To Preserve US and UK Interests?

Mon, 12 Jul 2010 18:19:57 +0000

[...] the scandal started in January 2009 with Raju’s confession, PwC global leaders have visited numerous times, claimed to be victims [...]

By: Francine McKenna: The Great American Financial Sandwich: Goldman Sachs, PricwaterhouseCoopers LLP and AIG | Deconstructing The News

Thu, 04 Feb 2010 20:21:03 +0000

[...] don’t think PwC is a complete dupe for AIG and Goldman Sachs any more than they were in the Satyam fraud case in India. I heard rumors in December 2007 that Goldman Sachs was thinking of dumping PwC. Who knew then how [...]

By: re: The Auditors » Blog Archive » The Great American Financial Sandwich: AIG, PwC, and Goldman Sachs

Tue, 02 Feb 2010 15:25:11 +0000

[...] don’t think that PwC is a complete dupe to AIG and Goldman Sachs any more than they were in the Satyam fraud case in India. I heard rumors in December 2007 that Goldman Sachs was thinking of dumping PwC. Who knew then [...]

By: Edith Orenstein

Edith Orenstein — Mon, 06 Apr 2009 22:14:40 +0000

Sooo… about the Satyam/PwC situation… based on today’s news http://www.nytimes.com/2009/04/07/business/global/07outsource.html?_r=1 … maybe this was more India’s WorldCom than India’s Enron…?

By: gfd

gfd — Mon, 09 Mar 2009 14:46:05 +0000

wtf…nothing’s going to happen to Pw Bangalore let alone other three firms in india.

By: Francine McKenna

Francine McKenna — Sat, 31 Jan 2009 05:47:00 +0000

@Tarun Satiya This news report is irresponsible and inaccurate. Both the report and this one are based on non-official leaks. The PCAOb has not issued their report and never comments on their reviews until the report is final. They had better get the report out soon. It’s not surprising that PwC India is saying there was nothing. They are probably still negotiating for the report to say that. However that conclusion will make the PCAOB look very bad. It’s going to be very interesting when that inspection report finally comes out. Heads PwC loses, tails PCAOB loses.

By: Tarun Satiya

Tarun Satiya — Sat, 31 Jan 2009 05:40:00 +0000

Incidentally, the PwC’s Satyam audit in India did come up for a PCAOB review recently, and it did not detect any significant gaps in the audit process!!

http://economictimes.indiatimes.com/articleshow/3975112.cms

By: Edith Orenstein

Edith Orenstein — Wed, 21 Jan 2009 01:50:00 +0000

I see you tweeted the WSJ article tonight that Satyam may have used forged doc’s like bank certificates… not surprising, but will get interesting as to what procedures the auditor did and should have done in connection with the bank certification documents they received… someone may get some slack (if they did all they could reasonably be expected to do), others may get hacked, as noted in the Jan. 9 blog post in A Wide Angle View of India http://nitawriter.wordpress.com/2009/01/09/the-culpability-of-satyams-auditors/ … Separately, some articles are raising questions about Satyam’s internal audit function, as noted in this article in the Economic Times (India)http://economictimes.indiatimes.com/Software/Satyam_Investigators_look_into_the_role_of_internal_audit_team/articleshow/4009228.cms …

By: Anonymous

Anonymous — Fri, 16 Jan 2009 13:40:00 +0000

Unfortunately a few bad apples may make those 6000 PwC India professionals just more beggars in Calcutta.

Yes, I said it.

By: Anonymous

Anonymous — Fri, 16 Jan 2009 00:54:00 +0000

The problem is people keep talking about Auditors without knowing their role and procedures that Auditors follow and his dependence of declaration of Board of Directors. Before calling some one is on death bed one need to understand and then make such insensible statement as it is not the future of PWC but 6000 professionals working with it on PWC in India.