PwC to employees: ICAI cannot ban firm

PricewaterhouseCoopers (PwC), the international arm of Price Waterhouse, says accounting regulator Institute of Chartered Accountants of India (ICAI) does not have the authority to ban Price Waterhouse..The audit firm accused in the Satyam fraud scam said this is in an internal communication sent to employees in the country. This comes two days after ICAI submitted a report to the corporate affairs ministry alleging that Pricewater House auditors Srinivas Talluri and S Gopalakrishnan were grossly negligent and received abnormally high fee...PwC said ICAI can take action only against partners, and any action against partners is a long process, and said they were not contacted by the ICAI high powered committee...

Sources:UTVi News