Statutory auditors and professional negligence in India : the case of Price Waterhouse v. Sebi / M.P. Ram Mohan.

Format:

Book

Author/Creator:

Ram Mohan, M. P., author.

Series:

SAGE business cases.

SAGE business cases

Language:

English

Subjects (All):

Auditing--India--Case studies.

Auditing.

Financial statements--Case studies.

Financial statements.

Accounting--Case studies.

Accounting.

Physical Description:

1 online resource.

Place of Publication:

London : Indian Institute of Management, Ahmedabad, 2020.

Summary:

The Price Waterhouse v. SEBI case is instructive with respect to the liability of auditors under SEBI (Securities and Exchange Board of India) regulations. It concerns Price Waterhouse Bangalore's audit of Satyam Computer Services Limited (Satyam). The case was first heard by the Whole Time Member of SEBI (2010). During this hearing, petitions were filed before the Bombay High Court (by Price Waterhouse Bangalore and other firms and auditors against whom the case had been filed) to quash the proceedings before the Whole Time Member for lack of jurisdiction (July 2010). The Bombay High Court found that SEBI had the jurisdiction to investigate and adjudicate the matter, and left the case to be decided by the Whole Time Member. The Whole Time Member gave its decision in January 2018, which was appealed before the SEBI Appellate Tribunal. The Appellate Tribunal issued its decision in September 2019 and the case is currently pending as an appeal before the Supreme Court. The appeal was filed by SEBI against the decision of the Appellate Tribunal. Normally, the Institute of Chartered Accountants of India has jurisdiction to take disciplinary action against erring chartered accountants (including auditors). The series of decisions arising from Price Waterhouse's audit of Satyam shed light on the jurisdiction of the SEBI over auditors and the legal standards applied to determine their liability under securities regulations.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

1-5296-1956-4

9781529619560

OCLC:

1362530870