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06 Apr 2011
PWC'S INDIAN PARTNERS have been slapped with heavy fines, after audits failed to pick up gross manipulation of accounts by Satyam Computer Services.
The IT service provider exploited flaws in the way auditors screened bank balance confirmations to inflate its cash holdings by around $1bn (£613m), according to the US accounting overseer.
Further reading
Five PwC International members - who are registered with the US regulator - were found to have violated quality control standards and, two were issued with a $1.5m fine.
This is in addition to a $6m levy meted out by the Securities and Exchange Commission, and the total penalty is the largest ever served against a foreign accounting firm.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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