20 January 2009

Pin It

Know what they dont tell you about Pricewaterhousecoopers PWC

Know what they dont tell you about Pricewaterhousecoopers PWC:
PricewaterhouseCoopers (or PwC) is the world's largest professional services firm. It was formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand, both formed in London.
On January 31, 2007 PwC was named as a co-defendant in a class action lawsuit filed against Dell, the world's number two PC manufacturer. Taken on behalf of shareholders, the lawsuit alleges that Dell, and its auditors, failed to disclose information about Dell's financial condition.

Tyco settlementIn July 2007, PwC agreed to pay $225 million to settle a class-action lawsuit brought by shareholders of Tyco International Ltd over a multibillion-dollar accounting fraud.

India's accounting standards agency ICAI is investigating partners of PwC for professional negligence in the now-defunct Global Trust Bank Ltd case of 2007. Like Satyam, Global Trust Bank was also based in Hyderabad. This led to Reserve Bank of India banning PwC from auditing any financial company for over a year.

PwC was also associated with the accounting scandal at DSQ Software in India. In July 2006, PwC’s Japanese affiliate Chuo Aoyama was handed a two-month ban Following the Satyam scandal, the Mumbai-based Small Investor Grievances Association (SIGA) has requested the Indian stock market regulator SEBI to ban PwC permanently and seize its assets in India alleging few more scandals like "Ketan Mehta stock manipulations."

After knowing all this do you think you can trust audits done by pwc in india.so if you are intelligent person,investor have money in stock market please find out if your company is audited by Pwc if yes then please be careful and ask the question is it possible that Like Satyam with this company also same thing happen and if same thing happens what you will do as a common investor ?
Be intelligent and decide its your hard earned money and see that like satyam, your money should not disappear so be careful ,get information and act .

Price Waterhouse has an impressive list of close to 50 clients in India. They include multinationals like Bayer, Bosch, Colage-Palmolive, Glaxosmithkline, Novartis and domestic infrastructure companies like GMR, Lanco, Reliance Infra, Reliance Power and Simplex. UB, United Spirits, Max India are also PwC clients. Some IT companies associated with PwC are HCL, Info Edge, Mastek, Moser Baer and NIIT.


In India,our accounting laws are not as advanced as usa, here you can not file a case on accounting firms to recover money from them .
Do u think our laws are outdated we need to change our laws .