Ban on PWC for 2 years by SEBI

  The Securities and Exchange Board of India’s (Sebi) two-year ban on Price Waterhouse spells trouble for its business in the country, and is also a signal for the auditing profession to pull its socks up, experts said on Thursday. Price Waterhouse, the auditing arm of consultancy firm PwC India, is the auditor for 77 companies listed on National Stock Exchange of India, according to data from Prime Database. Late on Wednesday, the capital markets regulator banned 11 firms in Price Waterhouse’s Indian network from auditing the books of listed companies for two years for alleged complicity in the manipulation of accounts at the erstwhile Satyam Computer Services Ltd. The firm showed disregard for stipulated auditing practices, such as independently verifying the company’s bank statements, Sebi said. Price Waterhouse said

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