Comments on: PwC And Satyam: It’s Bigger Than A Blown Audit http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/ 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 » Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout” http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-140928 re: The Auditors » Blog Archive » Big 4 Bombshell: “We Didn’t Fail Banks Because They Were Getting A Bailout” Sun, 28 Nov 2010 15:20:28 +0000 http://retheauditors.com/?p=2439#comment-140928 [...] in the corner waiting for their orders after the big boys talk, even though others have said I give them too much credit for being strategic.  Their complacence is calculated. They are much too tied into the work, and [...] [...] in the corner waiting for their orders after the big boys talk, even though others have said I give them too much credit for being strategic.  Their complacence is calculated. They are much too tied into the work, and [...]

]]> By: re: The Auditors » Blog Archive » Top-Down Versus Bottom-Up: A Flawed Approach To Audit Risk Assessment http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-139856 re: The Auditors » Blog Archive » Top-Down Versus Bottom-Up: A Flawed Approach To Audit Risk Assessment Sun, 21 Nov 2010 14:56:54 +0000 http://retheauditors.com/?p=2439#comment-139856 [...] same benefit of the doubt to PwC when it comes to Satyam.  I’ve written extensively about this case.  PwC makes all kinds of excuses for why they should not be held responsible for this fraud as a [...] [...] same benefit of the doubt to PwC when it comes to Satyam.  I’ve written extensively about this case.  PwC makes all kinds of excuses for why they should not be held responsible for this fraud as a [...]

]]> By: re: The Auditors » Blog Archive » PwC “Restructures” Indian Consulting Business: Will It Be Enough To Preserve US and UK Interests? http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-121081 re: The Auditors » Blog Archive » PwC “Restructures” Indian Consulting Business: Will It Be Enough To Preserve US and UK Interests? Mon, 12 Jul 2010 18:08:29 +0000 http://retheauditors.com/?p=2439#comment-121081 [...] if they can reel in PwC US (and maybe sue in the UK against PwC UK) by proving fraud. I outlined a hypothetical last year. US and Indian regulators and investigators are focusing on the wrong thing when [...] [...] if they can reel in PwC US (and maybe sue in the UK against PwC UK) by proving fraud. I outlined a hypothetical last year. US and Indian regulators and investigators are focusing on the wrong thing when [...]

]]> By: re: The Auditors » Blog Archive » For The Auditors Nothing’s Over Until It’s Over: Or Is It? http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-95040 re: The Auditors » Blog Archive » For The Auditors Nothing’s Over Until It’s Over: Or Is It? Wed, 24 Mar 2010 13:38:06 +0000 http://retheauditors.com/?p=2439#comment-95040 [...] Satyam saga is far from over.  The PCAOB recently sanctioned two fairly low-level PW India staff. (They are [...] [...] Satyam saga is far from over.  The PCAOB recently sanctioned two fairly low-level PW India staff. (They are [...]

]]> By: Francine McKenna: Defending Koss And Their Auditors: Just Loopy Distorted Feedback | Blog SDN http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-87599 Francine McKenna: Defending Koss And Their Auditors: Just Loopy Distorted Feedback | Blog SDN Sat, 06 Feb 2010 19:09:39 +0000 http://retheauditors.com/?p=2439#comment-87599 [...] want you to shed crocodile tears or pity poor PwC for their long-term, close relationship with another blockbuster Indian fraudster. Nor should you pat them on the back for not being the auditor now. PwC never really left Koss after [...] [...] want you to shed crocodile tears or pity poor PwC for their long-term, close relationship with another blockbuster Indian fraudster. Nor should you pat them on the back for not being the auditor now. PwC never really left Koss after [...]

]]> By: re: The Auditors » Blog Archive » Roopen Roy, Deloitte India, On Audit Firm Mergers http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-82584 re: The Auditors » Blog Archive » Roopen Roy, Deloitte India, On Audit Firm Mergers Thu, 21 Jan 2010 22:45:49 +0000 http://retheauditors.com/?p=2439#comment-82584 [...] organizational changes perceived to have been dictated by PwC International and US leadership have not gone smoothly at Price Waterhouse India, and even more executives have left, in particular [...] [...] organizational changes perceived to have been dictated by PwC International and US leadership have not gone smoothly at Price Waterhouse India, and even more executives have left, in particular [...]

]]> By: re: The Auditors » Blog Archive » Defending Koss And Their Auditors: Just Loopy Distorted Feedback http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-80748 re: The Auditors » Blog Archive » Defending Koss And Their Auditors: Just Loopy Distorted Feedback Sun, 17 Jan 2010 03:31:11 +0000 http://retheauditors.com/?p=2439#comment-80748 [...] want you to shed crocodile tears or pity poor PwC for their long-term, close relationship with another blockbuster Indian fraudster. Nor should you pat them on the back for not being the auditor now. PwC never really left Koss after [...] [...] want you to shed crocodile tears or pity poor PwC for their long-term, close relationship with another blockbuster Indian fraudster. Nor should you pat them on the back for not being the auditor now. PwC never really left Koss after [...]

]]> By: re: The Auditors » Blog Archive » Zombies Among Us: The Mainstream Media and Financial Journalism http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-70063 re: The Auditors » Blog Archive » Zombies Among Us: The Mainstream Media and Financial Journalism Sun, 27 Dec 2009 18:06:27 +0000 http://retheauditors.com/?p=2439#comment-70063 [...] the Wall Street Journal more than once (some journalists by name), Crain’s Chicago Business, Bloomberg, The Chicago Tribune, even my beloved Financial Times. In some cases proxies did it for me, [...] [...] the Wall Street Journal more than once (some journalists by name), Crain’s Chicago Business, Bloomberg, The Chicago Tribune, even my beloved Financial Times. In some cases proxies did it for me, [...]

]]> By: sean in dc http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-10244 sean in dc Thu, 30 Jul 2009 11:50:13 +0000 http://retheauditors.com/?p=2439#comment-10244 Haha I am not sure the "we aren't smart enough" defense is going to work but I would LOVE to hear it from PwC leadership. From what I have seen from PwC they're more than capable of pulling this kind of fraud off. One would hope their ethics refrained them and this is just a big coincidence. I fear for the worst however. I do think that this article lacks a smoking gun but that is for an investigative reported and a prosecutor to obtain. Great work on the article though FM Haha I am not sure the “we aren’t smart enough” defense is going to work but I would LOVE to hear it from PwC leadership. From what I have seen from PwC they’re more than capable of pulling this kind of fraud off. One would hope their ethics refrained them and this is just a big coincidence. I fear for the worst however. I do think that this article lacks a smoking gun but that is for an investigative reported and a prosecutor to obtain. Great work on the article though FM

]]> By: fm http://retheauditors.com/2009/07/24/pwc-and-satyam-its-bigger-than-a-blown-audit-mira-el-dedazo/comment-page-1/#comment-9931 fm Wed, 29 Jul 2009 13:49:55 +0000 http://retheauditors.com/?p=2439#comment-9931 A reader just reminded me about Gene Donnelly's role in India: "Gene was in-charge of India from 2005 to 2008 on behalf of Sam DiPiazza himself. He was the last word in India. He played havoc with the previous PwC leadership, foisted his henchman Deepak Kapoor as the interim Senior Partner but Kapoor lost in the election to Ramesh Rajan. Ramesh Rajan asked that Gene be taken off his Indian role in late 2008. But during his tenure Gene played politics and many partners left in disgust... " I spoke to a senior partner at PwC last night and he said he didn't think the guys in the US were smart enough to pull off what I described. Kind of a backhanded alibi. However, what could have happened in India is clearly another kettle of dal. Francine A reader just reminded me about Gene Donnelly’s role in India: “Gene was in-charge of India from 2005 to 2008 on behalf of Sam DiPiazza himself. He was the last word in India. He played havoc with the previous PwC leadership, foisted his henchman Deepak Kapoor as the interim Senior Partner but Kapoor lost in the election to Ramesh Rajan. Ramesh Rajan asked that Gene be taken off his Indian role in late 2008. But during his tenure Gene played politics and many partners left in disgust… ”

I spoke to a senior partner at PwC last night and he said he didn’t think the guys in the US were smart enough to pull off what I described. Kind of a backhanded alibi. However, what could have happened in India is clearly another kettle of dal.

Francine

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