Matooke Republic
Saturday, July 19, 2025
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
Matooke Republic
  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos
  • Relationships
No Result
View All Result
Matooke Republic
No Result
View All Result

Auditors PwC banned in India

Matooke Republic by Matooke Republic
January 12, 2018
in Business
Reading Time: 1 min read
Share on FacebookShare on Twitter

India’s securities regulator has banned global accountancy firm PwC from auditing listed companies in the country for two years, after it failed to spot a $1.7b fraud at the defunct Satyam Computer Services.

In a damning 108-page report, the Securities and Exchange Board of India wrote that PwC had neglected to check “glaring anomalies” in the financial details reported by Satyam, whose downfall was one of India’s worst financial scandals in recent years. For about five years, beginning in 2003, Sebi wrote, Satyam inflated its revenue by accounting for 7,561 fake invoices. The fraud persisted in part because PwC, Satyam’s auditor, ”did not independently check the veracity of the monthly bank statements”.

RELATED POSTS

Kabira Country Club Wins 2025 Tripadvisor Travellers’ Choice Award

The Vista Naguru apartments officially launched to offer luxury housing

As well as the auditing suspension, Sebi ordered PwC to disgorge wrongful gains of about $2m. PwC said it was disappointed, adding that it would seek a stay on the order before it became effective at the end of March, on the grounds that it was out of line with a prior High Court order.

Related

Share2Tweet1Send
Matooke Republic

Matooke Republic

Freshly peeled info from area code 256

Related Posts

Denim Cartel and Guinness Smooth are throwing a cultural moment this Sunday

by Matooke Republic
9 hours ago

...

Kabira Country Club Wins 2025 Tripadvisor Travellers’ Choice Award

by Matooke Republic
15 hours ago

...

Ava Peace.

“I’m one of the most booked artistes in Uganda,” Ava Peace denies relying on men to fund her lifestyle

by Matooke Republic
15 hours ago

...

Theodore Ssekikubo, Minister David Bahati, and Twaha Kagabo.

Familiar faces that were swept aside in the NRM Primaries

by Matooke Republic
16 hours ago

...

NRM primaries photos already winning the ‘meme election’

by Matooke Republic
1 day ago

...

Next Post

Ghetto Kids in Nigeria shooting video with Runtown

Song Review: Mowzey Radio's touching message to mother in 'Kasubo Jane'

RECOMMENDED

Denim Cartel and Guinness Smooth are throwing a cultural moment this Sunday

July 18, 2025

Kabira Country Club Wins 2025 Tripadvisor Travellers’ Choice Award

July 18, 2025
  • 643 Followers
  • 23.9k Followers

MOST VIEWED

  • Here is how to use NIRA’s new online portal to register or renew your national ID

    4005 shares
    Share 1602 Tweet 1001
  • DNA test confirms late MP Ssegirinya was father to only 4 of 9 children presented after his death

    103 shares
    Share 41 Tweet 26
  • Properties owned by late billionaire Aponye at risk of auction over Shs15 billion loan arrears

    80 shares
    Share 32 Tweet 20
  • Socialite Don Chris says no one can arrest him after allegedly defrauding Ugandans of over Shs500 million with fake promises of high-paying jobs in UK and Canada

    48 shares
    Share 19 Tweet 12
  • Muhoozi announces meeting with all First Sons of Uganda’s former Presidents; but who are they and what are they currently doing?

    43 shares
    Share 17 Tweet 11
Matooke Republic

Uganda's only free Newspaper. Out every Thursday. Freshly peeled info. kiwatule, Kampala, Uganda.

  • Home
  • News
  • Entertainment
  • Gossip
  • Features
  • Business
  • Sports
  • Health
  • Photos

© Matooke Republic 2024

© Matooke Republic 2024

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.