PWC Partners admit to complicity in Satyam’s fudging
During the course of interrogation of the PWC partners, it has been found out that the auditors were part of the fudging process – in fact they have admitted to the fact. The partners, it is reported, were part of the monthly meeting by a core “accounting group” which used to meet to strategize on accounts to be presented to the public. I wonder how auditors could ever be a part of the accounting strategy team! Definitely a conflict of interest in my view! Accounting strategy and audit – it’s like saying the policeman is advising the robber on how to go about looting without getting caught! The PWC partners admission has left the profession smelling of decay. We should be thinking rationally in bringing about reform to stop the stink from becoming universal and for regaining the lost confidence of the public from accountants. How can an MNC firm with regulatory oversight in various countries take the risk of destroying its global reputation? This is the same question which was raised w...