Comments on: The Plot Thickens – Price Waterhouse India Plausibly Culpable http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/ The Business of the Big 4 Audit Firms Thu, 24 May 2012 01:48:07 +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/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-154595 re: The Auditors » Blog Archive » Being Expedient: PwC Settles Satyam U.S. Class Action Mon, 09 May 2011 22:08:02 +0000 http://retheauditors.com/?p=1577#comment-154595 [...] The Plot Thickens – Price Waterhouse India Plausibly Culpable, April 19, 2009 Satyam’s Bollywood Tragicomic Soap Opera, Apr. 23, 2009 How Satyam Supported PwC’s Schizophrenic Strategy To Reenter The Systems Integration Business, May 26, 2009 Satyam, SocMed, BDO International, and Sunshine, June 26, 2009 PwC Global Board: Risk And Quality Top Priorities, June 30, 2009 Dreaming of India: PwC and Satyam, July 17, 2009 PwC And Satyam: It’s Bigger Than A Blown Audit, July 24, 2009 McKenna Quoted In The Guardian, July 25, 2009 Satyam’s Internal Auditor: All Roar, No Bite, December 17, 2009 Roopen Roy, Deloitte India, On Audit Firm Mergers, January 21, 2010 Worlds Apart But Two of a Kind: Glitnir, Satyam, and Their Auditor PwC, May 17, 2010 PwC “Restructures” Indian Consulting Practice: Will It Be Enough To Preserve US and UK Interests?, July 12, 2010 Is PwC Conspiring To Evade Liability For Frauds In Iceland and India?, December 14, 2010 No Bark, No Bite: PwC Rolls Over To Beat Fraud Cases, December 30, 2010 Satyam Settles; PwC Left In Lurch, February 18, 2011 Price Waterhouse India Settles With Regulators But Satyam Saga Not Over, April 6, 2011 Not Over Until It’s Over: PW india Settles Satyam, April 11, 2011 The Grand Illusion: PwC Settles US Class Action Claims, May 6, 2011 [...] [...] The Plot Thickens – Price Waterhouse India Plausibly Culpable, April 19, 2009 Satyam’s Bollywood Tragicomic Soap Opera, Apr. 23, 2009 How Satyam Supported PwC’s Schizophrenic Strategy To Reenter The Systems Integration Business, May 26, 2009 Satyam, SocMed, BDO International, and Sunshine, June 26, 2009 PwC Global Board: Risk And Quality Top Priorities, June 30, 2009 Dreaming of India: PwC and Satyam, July 17, 2009 PwC And Satyam: It’s Bigger Than A Blown Audit, July 24, 2009 McKenna Quoted In The Guardian, July 25, 2009 Satyam’s Internal Auditor: All Roar, No Bite, December 17, 2009 Roopen Roy, Deloitte India, On Audit Firm Mergers, January 21, 2010 Worlds Apart But Two of a Kind: Glitnir, Satyam, and Their Auditor PwC, May 17, 2010 PwC “Restructures” Indian Consulting Practice: Will It Be Enough To Preserve US and UK Interests?, July 12, 2010 Is PwC Conspiring To Evade Liability For Frauds In Iceland and India?, December 14, 2010 No Bark, No Bite: PwC Rolls Over To Beat Fraud Cases, December 30, 2010 Satyam Settles; PwC Left In Lurch, February 18, 2011 Price Waterhouse India Settles With Regulators But Satyam Saga Not Over, April 6, 2011 Not Over Until It’s Over: PW india Settles Satyam, April 11, 2011 The Grand Illusion: PwC Settles US Class Action Claims, May 6, 2011 [...]

]]> By: re: The Auditors » Blog Archive » Not Over Until It’s Over: Price Waterhouse India Settles Satyam http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-154430 re: The Auditors » Blog Archive » Not Over Until It’s Over: Price Waterhouse India Settles Satyam Mon, 11 Apr 2011 04:34:20 +0000 http://retheauditors.com/?p=1577#comment-154430 [...] sanctions are significant. When the scandal hit, PwC started making changes right away to the organization, including bringing in outside talent to conduct a review of every audit [...] [...] sanctions are significant. When the scandal hit, PwC started making changes right away to the organization, including bringing in outside talent to conduct a review of every audit [...]

]]> By: Price Waterhouse India Settles With Regulators But Satyam Saga Not Over - Francine McKenna - Accounting Watchdog - Forbes http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-154409 Price Waterhouse India Settles With Regulators But Satyam Saga Not Over - Francine McKenna - Accounting Watchdog - Forbes Wed, 06 Apr 2011 18:18:31 +0000 http://retheauditors.com/?p=1577#comment-154409 [...] of incompetence were tossed at the PwC partners, the firm defended itself.  At one point, PwC Chairman Sam DiPiazza claimed PwC and the Indian firms were victims too. The Times of India: “The crisis has forced PwC to take [...] [...] of incompetence were tossed at the PwC partners, the firm defended itself.  At one point, PwC Chairman Sam DiPiazza claimed PwC and the Indian firms were victims too. The Times of India: “The crisis has forced PwC to take [...]

]]> By: No Bark, No Bite: PricewaterhouseCoopers Rolls Over To Beat Fraud Cases - Francine McKenna - Accounting Watchdog - Forbes http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-150007 No Bark, No Bite: PricewaterhouseCoopers Rolls Over To Beat Fraud Cases - Francine McKenna - Accounting Watchdog - Forbes Thu, 13 Jan 2011 01:07:44 +0000 http://retheauditors.com/?p=1577#comment-150007 [...] has played the “dupe card” more than once, most notably in defending itself against claims its own partners in India  - who ended up in an Indian jail – allegedly aided [...] [...] has played the “dupe card” more than once, most notably in defending itself against claims its own partners in India  - who ended up in an Indian jail – allegedly aided [...]

]]> By: Is PwC Conspiring To Evade Liability For Frauds In Iceland and India? - Francine McKenna - Accounting Watchdog - Forbes http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-144464 Is PwC Conspiring To Evade Liability For Frauds In Iceland and India? - Francine McKenna - Accounting Watchdog - Forbes Thu, 16 Dec 2010 04:04:42 +0000 http://retheauditors.com/?p=1577#comment-144464 [...] board members, PwC India member firms and the PwC International umbrella firm are facing a multi-million dollar class action lawsuit in the [...] [...] board members, PwC India member firms and the PwC International umbrella firm are facing a multi-million dollar class action lawsuit in the [...]

]]> By: re: The Auditors » Blog Archive » Seeking An Equitable Outcome: NY State Court of Appeals Hears In Pari Delicto Cases http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-130114 re: The Auditors » Blog Archive » Seeking An Equitable Outcome: NY State Court of Appeals Hears In Pari Delicto Cases Wed, 15 Sep 2010 18:48:53 +0000 http://retheauditors.com/?p=1577#comment-130114 [...] PwC is no stranger to the “We were duped,” defense. PwC’s former global chairman, Sam DiPiazza, used it in reference to Satyam while two of their partners sat in jail. On the Satyam scam, DiPiazza said: “What we understand [...] [...] PwC is no stranger to the “We were duped,” defense. PwC’s former global chairman, Sam DiPiazza, used it in reference to Satyam while two of their partners sat in jail. On the Satyam scam, DiPiazza said: “What we understand [...]

]]> By: re: The Auditors » Blog Archive » If I Told You I’d Have To Shoot You. Or Lose The Case. Neither Are Good. http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-129243 re: The Auditors » Blog Archive » If I Told You I’d Have To Shoot You. Or Lose The Case. Neither Are Good. Fri, 10 Sep 2010 16:13:38 +0000 http://retheauditors.com/?p=1577#comment-129243 [...] assorted frauds of their clients. It has been asserted at times with success. It’s being used more and more and more and more. But it smacks of the “have your cake and eat it too” attitude [...] [...] assorted frauds of their clients. It has been asserted at times with success. It’s being used more and more and more and more. But it smacks of the “have your cake and eat it too” attitude [...]

]]> By: re: The Auditors » Blog Archive » How Satyam Supported PwC’s Schizophrenic Strategy To Reenter The Systems Integration Business http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-5171 re: The Auditors » Blog Archive » How Satyam Supported PwC’s Schizophrenic Strategy To Reenter The Systems Integration Business Tue, 26 May 2009 04:03:01 +0000 http://retheauditors.com/?p=1577#comment-5171 [...] is the second time around. Will another regulatory push or a big litigation loss push them to reverse course again and sell the consulting practice as soon as they’ve [...] [...] is the second time around. Will another regulatory push or a big litigation loss push them to reverse course again and sell the consulting practice as soon as they’ve [...]

]]> By: ex-DT http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-4308 ex-DT Mon, 04 May 2009 12:44:11 +0000 http://retheauditors.com/?p=1577#comment-4308 @28: Fair enough. In many cases the issues I have seen come down to lack of knowledge or incorrect assumptions on both sides. Sometimes the IT auditors don't know enough about what audit teams want done and may not have the financial audit experience to ask the right questions. A financial auditor finds it second nature to tie balances and prove reports - an IT auditor probably doesn't. On the other hand, I have seen many IT audit / data analysis procedures dismissed as simple by audit teams who don't understand the complexities behind it. The real answer is for both sides to learn more about the other and their needs / requirements. Then the world will be a better place.... :-) PS - (the comment re simple procedures wasn't directed at you - nothing personal) @28: Fair enough. In many cases the issues I have seen come down to lack of knowledge or incorrect assumptions on both sides. Sometimes the IT auditors don’t know enough about what audit teams want done and may not have the financial audit experience to ask the right questions. A financial auditor finds it second nature to tie balances and prove reports – an IT auditor probably doesn’t. On the other hand, I have seen many IT audit / data analysis procedures dismissed as simple by audit teams who don’t understand the complexities behind it. The real answer is for both sides to learn more about the other and their needs / requirements. Then the world will be a better place…. :-)

PS – (the comment re simple procedures wasn’t directed at you – nothing personal)

]]> By: Anonymous http://retheauditors.com/2009/04/19/the-plot-thickens-price-waterhouse-india-plausibly-culpable/comment-page-1/#comment-4163 Anonymous Wed, 29 Apr 2009 20:18:18 +0000 http://retheauditors.com/?p=1577#comment-4163 @27-I agree I over generalized. But it is my experience that they (as a group and not as individuals - and all I know is my firm and region) are flat out incompetent. I have had a major issue with them this week that. I provided the query to extract data and they not only didn't use it, but pulled incorrect data more than once. As a result my team had to pull multiple all nighters, debug the IT audit team's code, and work all weekend. This is far from the first time this has happened. They do not check their work as a general rule. Maybe they do SOX audits well -- although your comments imply to me that there are problems with the methodology not necessarily the talent pool. But they are not good at doing simple data pulls. @27-I agree I over generalized. But it is my experience that they (as a group and not as individuals – and all I know is my firm and region) are flat out incompetent. I have had a major issue with them this week that. I provided the query to extract data and they not only didn’t use it, but pulled incorrect data more than once. As a result my team had to pull multiple all nighters, debug the IT audit team’s code, and work all weekend. This is far from the first time this has happened. They do not check their work as a general rule. Maybe they do SOX audits well — although your comments imply to me that there are problems with the methodology not necessarily the talent pool. But they are not good at doing simple data pulls.

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