Dennis Howlett is angry about the press coverage of PWC.
He outlines the Satyam audit saga like this:
Satyam was a fraud:
PWC audit partners in India were thrown in jail loudly protesting their innocence Past PWC CEO DiPiazza went running to India, not to knock them into shape but to smooth talk Indian politicians into ensuring that PWC’s 150+ year history of mugging the government with consulting contracts didn’t get derailed Current CEO Dennis Nally has done the same thing It now transpires that PWC didn’t audit Satyam but palmed it off to Lovelock and Lewes an associate firm that is consulting led yetâ€šÃ„¶ PWC signed off on Satyamâ€šÃ„¶and collected the fees PWC has variously said that it was/wasn’t involved in consulting arrangements with Satyam
Here’s the bottom line on this mess. If PWC’s Indian â€šÃ„Ã²associates’ were involved with consulting arrangements then PWC should have excused itself from any audit activity.
But they didn’t.
Ad no amount of PR can explain this.
But as Dennis points out, the press are buying the PR.
WHY? When the world’s biggest assurer is spinning for all its worth because it is clear its assurance is not worth the paper it is written on something is very seriously wrong. Put simply, the system has failed.
This is a massive story. And Dennis is right — it deserves a lot more publicity than it is getting.