PWC sinking in India

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The Big 4 have spent years demanding access t markets. And then this happens in India:

"During interrogation [the auditors, Subramani Gopala Krishnan and Talluri Srinivas] confessed their involvement in the crime," deputy superintendent Rao said in a document requesting a Hyderabad court to remand them in custody for 15 days.

"They also colluded . . . in window dressing of the company's accounts and lured the investors to invest the money."

The accusations from the police that the auditors colluded in the fraud, considered India's worst corporate scam, are likely to be heavily contested by PwC.

I am sure the last statement is true. But that the fraud happened over many years is undeniable. And either PWC were incompetent or these allegations are true. And that's really not good, either way.

It is time for the profession to be reformed.