SEBI Report: PwC audit fails to spot $1.7 billion fraud at Satyam

SEBI

SEBI, India’s securities regulator has published a report that states that PwC failed to independently check the veracity of the monthly bank statement of Satyam. For about 5 years Satyam inflated its revenue by accounting for 7,561 fake invoices. This is the worst financial crisis in Indian corporate history. SEBI has banned PwC from auditing listed companies in India as from March 2018.

January 2018

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