Comments on: Price Waterhouse India’s Slumdog Millionaires – Cheating Pays http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/ The Business of the Big 4 Audit Firms Wed, 08 Feb 2012 21:24:11 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: re: The Auditors » Blog Archive » Being Expedient: PwC Settles Satyam U.S. Class Action http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-154599 re: The Auditors » Blog Archive » Being Expedient: PwC Settles Satyam U.S. Class Action Tue, 10 May 2011 01:37:03 +0000 http://76.12.174.187/?p=866#comment-154599 [...] Price Waterhouse India’s Slumdog Millionaires – Cheating Pays, January 13, 2009 [...] [...] Price Waterhouse India’s Slumdog Millionaires – Cheating Pays, January 13, 2009 [...]

]]> By: Price Waterhouse India Settles With Regulators But Satyam Saga Not Over - Francine McKenna - Accounting Watchdog - Forbes http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-154408 Price Waterhouse India Settles With Regulators But Satyam Saga Not Over - Francine McKenna - Accounting Watchdog - Forbes Wed, 06 Apr 2011 17:50:37 +0000 http://76.12.174.187/?p=866#comment-154408 [...] few public statements about Satyam.  Those they did make were primarily for the Indian press. The dilemma for the PwC Global senior leadership was: The question, “How could Price Waterhouse India let this happen at Satyam?” had four [...] [...] few public statements about Satyam.  Those they did make were primarily for the Indian press. The dilemma for the PwC Global senior leadership was: The question, “How could Price Waterhouse India let this happen at Satyam?” had four [...]

]]> By: re: The Auditors » Blog Archive » Satyam’s Internal Auditor: All Roar, No Bite http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-153465 re: The Auditors » Blog Archive » Satyam’s Internal Auditor: All Roar, No Bite Mon, 14 Feb 2011 14:00:08 +0000 http://76.12.174.187/?p=866#comment-153465 [...] have been accused of naïveté regarding Indian business practices: “…India ranks around 120 on the Transparency [...] [...] have been accused of naïveté regarding Indian business practices: “…India ranks around 120 on the Transparency [...]

]]> By: re: The Auditors » Blog Archive » Can I Have Your Autograph: Signing The Audit Report http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-134053 re: The Auditors » Blog Archive » Can I Have Your Autograph: Signing The Audit Report Mon, 18 Oct 2010 14:03:22 +0000 http://76.12.174.187/?p=866#comment-134053 [...] enforce the securities laws against auditors…” (fm: So will PwC take responsibility for the lack of quality in the Satyam audits, since their two partners are but part of a big “competent firm,” not lone wolves? To be sure, [...] [...] enforce the securities laws against auditors…” (fm: So will PwC take responsibility for the lack of quality in the Satyam audits, since their two partners are but part of a big “competent firm,” not lone wolves? To be sure, [...]

]]> By: Ats http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-133455 Ats Thu, 14 Oct 2010 12:16:31 +0000 http://76.12.174.187/?p=866#comment-133455 As ex PwC (India) I agree with some of you, the indian entity was "loosely" run by cronies, incompetent partners . Infact to start with there was never any standard or guideline for becoming a partner in PwC . A staff today could all of a sudden become a partner without your consent or knowlege and you could be reporting to him the next day. The member firm Lovelock & Lewes ( which today they are dumping and blaming for Satyam fiasco was used by partners to take control of PwC, and eject PW partners. Ramesh Rajan ex chairman used to boast of his political connections and with Satyam money flowing in courtsey Gopal, PW partners were bulldozed into submission. PwC UK or USA never interfered, review partners from UK visiting India for quality checks or as they said 'file check" were busy collecting gifts, enjoying lavish food and excursions. Nobody including regulators in India ever questioned why a Lovelock partner is signing as PwC partner, why proposals were submitted in Lovelock name yet audit was awarded to PwC and vice versa There is much more to it. Regulators, Corporates are equally to be blamed. Ramesh did /could not handle it well, possibly because of rift between the partners, see how EY India GETS/GOT away !!!!! As ex PwC (India) I agree with some of you, the indian entity was “loosely” run by cronies, incompetent partners . Infact to start with there was never any standard or guideline for becoming a partner in PwC . A staff today could all of a sudden become a partner without your consent or knowlege and you could be reporting to him the next day. The member firm Lovelock & Lewes ( which today they are dumping and blaming for Satyam fiasco was used by partners to take control of PwC, and eject PW partners. Ramesh Rajan ex chairman used to boast of his political connections and with Satyam money flowing in courtsey Gopal, PW partners were bulldozed into submission.

PwC UK or USA never interfered, review partners from UK visiting India for quality checks or as they said ‘file check” were busy collecting gifts, enjoying lavish food and excursions. Nobody including regulators in India ever questioned why a Lovelock partner is signing as PwC partner, why proposals were submitted in Lovelock name yet audit was awarded to PwC and vice versa There is much more to it. Regulators, Corporates are equally to be blamed. Ramesh did /could not handle it well, possibly because of rift between the partners, see how EY India GETS/GOT away !!!!!

]]> By: re: The Auditors » Blog Archive » Yukos Slicks Accuse PricewaterhouseCoopers Of Succumbing To Kremlin Pressure http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-129230 re: The Auditors » Blog Archive » Yukos Slicks Accuse PricewaterhouseCoopers Of Succumbing To Kremlin Pressure Fri, 10 Sep 2010 15:20:50 +0000 http://76.12.174.187/?p=866#comment-129230 [...] December 2008, the theater of war for PwC shifted to India as a result of the Satyam [...] [...] December 2008, the theater of war for PwC shifted to India as a result of the Satyam [...]

]]> By: re: The Auditors » Blog Archive » With Cassano Off The Hook, Where Does PwC Hide In The AIG Case? http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-122858 re: The Auditors » Blog Archive » With Cassano Off The Hook, Where Does PwC Hide In The AIG Case? Tue, 27 Jul 2010 15:43:09 +0000 http://76.12.174.187/?p=866#comment-122858 [...] can see the attempt by PwC to have their cake and eat it too. They initially claimed to have been duped by AIG management including Cassano but now take credit as heroes for eventually forcing AIG to disclose a material [...] [...] can see the attempt by PwC to have their cake and eat it too. They initially claimed to have been duped by AIG management including Cassano but now take credit as heroes for eventually forcing AIG to disclose a material [...]

]]> By: re: The Auditors » Blog Archive » PwC “Restructures” Indian Consulting Business: Will It Be Enough To Preserve US and UK Interests? http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-121083 re: The Auditors » Blog Archive » PwC “Restructures” Indian Consulting Business: Will It Be Enough To Preserve US and UK Interests? Mon, 12 Jul 2010 18:20:19 +0000 http://76.12.174.187/?p=866#comment-121083 [...] firms that provide audit, tax and consulting services. These firms in India are connected by an incestuous partnership structure that is complicated by design. The complexity is ostensibly necessary due to the restrictions in [...] [...] firms that provide audit, tax and consulting services. These firms in India are connected by an incestuous partnership structure that is complicated by design. The complexity is ostensibly necessary due to the restrictions in [...]

]]> By: re: The Auditors » Blog Archive » How Will We Solve The Financial Crisis? The Answer Is Bigger Than You And I http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-93282 re: The Auditors » Blog Archive » How Will We Solve The Financial Crisis? The Answer Is Bigger Than You And I Sun, 14 Mar 2010 19:42:34 +0000 http://76.12.174.187/?p=866#comment-93282 [...] Joanathan and I have exchanged emails and shared insights. I’m so glad he has listened to my whispering in his ear and wrote the article he had in him the whole time he was writing about individual cases. One of the problems I have had in getting attention to this issue is that there are so many other fish to fry – the companies themselves, the ratings agencies, individual executives. It seemed until recently that it was gloves off and the Big 4 was getting a pass. Until Madoff and Satyam. [...] [...] Joanathan and I have exchanged emails and shared insights. I’m so glad he has listened to my whispering in his ear and wrote the article he had in him the whole time he was writing about individual cases. One of the problems I have had in getting attention to this issue is that there are so many other fish to fry – the companies themselves, the ratings agencies, individual executives. It seemed until recently that it was gloves off and the Big 4 was getting a pass. Until Madoff and Satyam. [...]

]]> By: Francine McKenna: The Great American Financial Sandwich: Goldman Sachs, PricwaterhouseCoopers LLP and AIG | Deconstructing The News http://retheauditors.com/2009/01/13/price-waterhouse-indias-slumdog-millionaires-cheating-pays/comment-page-1/#comment-87103 Francine McKenna: The Great American Financial Sandwich: Goldman Sachs, PricwaterhouseCoopers LLP and AIG | Deconstructing The News Thu, 04 Feb 2010 20:23:22 +0000 http://76.12.174.187/?p=866#comment-87103 [...] wrote similarly about PwC with regard to the Satyam fraud. The dilemma for the PwC Global senior leadership “crisis team” now in India is that the [...] [...] wrote similarly about PwC with regard to the Satyam fraud. The dilemma for the PwC Global senior leadership “crisis team” now in India is that the [...]

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