PriceWaterhouseCoopers

Should be banned and banished from India. The Big Four are so big that even Uncle Sam is scared. Also this leads to US companies dominating the Indian accounting scene and denying large Indian firms from growing. But this is not the reason for me to propose a ban on PwC. Sorry don't get me wrong.

These big ones are believed to be more trust worthy than Indian firms. But PwC has been hand in glove with criminals. Accepting forged documents and failing in their duty of verifying records. I am not ready to believe that PwC was so naive to accept without verification FDRs and bank statements without directly obtaining authenticated reports from banks.

Irrespective of the enterprise type, proprietary, partnership or company of the annual turnover exceeds Rs 40 lakhs, law in this land requires auditors to verify every voucher, every ledger entry and every bank statement. Here the lapses are so grandiose PwC should be barred from doing audit business in India and appropriate legal action initiated on them. In my humble option the fraud perpetuated on the gullible investor is more by PwC by their omission than by Satyam by their commission.

The entire purpose of an external auditor is beaten by PwC and this has been going on for year. Some sections of the press state that PwC was paid Rs 5 crores as their fees viz a viz Rs 2 crores for similar jobs. If this were true then the difference of Rs 3 crores is nothing but bribe for this turning a blind eye on this large scale fraud.