Settled Disciplinary Order Against PricewaterhouseCoopers International Firms in India for Audit Violations Related to Satyam
Washington, D.C., April 5, 2011
The Public Company Accounting Oversight Board today announced a settled disciplinary order against five PricewaterhouseCoopers International firms based in India, which included a $1.5 million penalty against two of those firms, the Board's largest civil money penalty to date, for violations of PCAOB rules and standards in connection with the audit of India IT service provider, Satyam Computer Services.
The PCAOB penalty is in addition to the $6 million penalty imposed today by the Securities and Exchange Commission against the five firms in the Commission's own proceeding. The combined $7.5 million U.S.-regulatory penalty imposed in this matter is the largest penalty that the SEC and PCAOB have assessed against any registered foreign accounting firm.
The Board also found that all five firms violated the Board's quality control standards. In addition to the penalty, the Board imposed significant limitations and undertakings related to the firms' audit activities, required the appointment of an independent monitor, and censured the firms.
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