PwC Appeals Two-year Ban on Audits in India

According to Telegraph India, PwC (FY16 gross revenue of $14.3 billion) in India is appealing a two-year ban on auditing public companies by the Securities Exchange Board of India (SEBI).

SEBI claims PwC auditors failed to uncover irregularities in the account of Satyam, which was one of India’s leading software providers. PwC is appealing the ban and asking for the appeal to be heard on an expedited basis.

“We are happy that Securities and Appellate Tribunal (SAT) has expressed its intention to resolve our appeal against SEBI on an expedited basis, and has set an expectation of a tight timeline of six weeks to dispose the appeal. The clarification that current engagements can continue through the year, is welcome. Over the years, our stakeholders have witnessed the huge investment we made in tools, training and infrastructure and we remain committed to maintaining the highest standards of quality in our services,” says PwC in a statement.

The appeal is expected to be heard by the end of next month. “We applied for a stay, which was rejected, however, as the appeal has not yet been heard but will be heard by the end of February,” says spokesman Mike Davies.