Auditors caught up in India’s Satyam scandal have been charged with the offence of luring investors to buy shares of the company by ‚Äòknowingly certifying forged and inflated balance sheets’.
The allegations against PricewaterhouseCoopers’ Subramani Gopalakrishnan and Talluri Srinivas have been detailed in a written submission by the Central Bureau of Investigation (CBI) of India, made to the High Court in the state of Andhra Pradesh. The law enforcement body is opposing a bail application made for the accused.
Meanwhile, any bad publicity associated with the Satyam affair does not appear to have dented PwC’s reputation. It has announced that it will be increasing its staff by 50% in India.
The raeson? International Financial Reporting Standards are coming to India. Now there's a cae of regualtion by the chaps for the benefit of the chaps if ever there was one.