International Law

Spare a Billion Dollars?

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On the Saytam fraud in India, Nirmalya Kumar writes:

"How could the cash and deposits have been manipulated?

PwC made the situation worse by saying "The audits were conducted by Pricewaterhouse in accordance with applicable auditing standards and were supported by appropriate audit evidence."

Really? Despite following PwC auditing standards, the firm cannot reveal fictitious cash balances and deposits.

Wouldn't it have made more sense to say we are reviewing our auditing standards as we missed the boat here? And if they have any evidence to the contrary, "client confidentiality" is not the best curtain to hide behind.

Soon, PwC may not have any clients to be confidential about."

Just exactly how do you misplace a billion dollars of cash?

Full post as published by Misleading Advertising Law on January 19, 2009 (boomark / email).