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Satyam case: SC restores Sebi's power to restrain erring auditing firms

The Supreme Court on Monday stayed a direction in the order of Securities Appellate Tribunal (SAT), which stopped market watchdog Sebi, from barring the auditors from auditing listed companies. In January 2018, the Securities and Exchange Board of India slapped a two-year ban on Pricewaterhouse (PwC), an arm of PricewaterhouseCoopers India, from auditing any listed company for its role in the Rs 7,800 crore Satyam scam. The SAT, however, quashed the two-year ban.

SC stays SAT's order holding that Sebi lacks power to bar auditors

The SAT, in its order which set aside the ban on audit firm Price Waterhouse (PwC), had noted that SEBI does not have the power to bar auditors. Earlier, the SEBI had challenged SAT's decision to quash a two-year ban that was imposed on PwC in connection with the Rs 7,800 crore Satyam fraud.

EY partners with cos for client solutions

Tom Velema, EY’s alliances leader for EMEIA, who was in India recently, told ET that the shift in strategy had been initiated almost a decade ago but got a sharper focus only in the last few years. “This is an ecosystem play we adopted, which started with a global partnership with SAP. This is also a reflection of the market and embracing the drive to digital,” Velema said.

Deliver and get paid: Management consultancies see result-link payout

Consultancy firms used to operate on fixed-pay models for projects or assignments, which companies had to either take it or leave it. Now payment models of management consultancies have undergone a drastic change with adoption of the result-oriented approach. Now there is a stronger emphasis on outcomes, given the fast pace of change, and returns on investment.

Infosys hires PwC to probe plaints

Infosys hired PwC to investigate two whistle-blower complaints alleging financial malfeasance against chief executive and finance chief. The company has already roped in law firm Shardul Amarchand Mangaldas (SAM) to look into the legal side of the complaints and asked its internal auditor, EY, to probe its revenue recognition practices.

Auditors suspect fraud in 8K Miles; 2 directors exit board

8K Miles is a cloud computing company and has been under regulatory radar and legal knots as the company claimed a broker forged promoter’s signature to offload pledged shares triggering a police complaint and cases in various judicial fora.

Regulatory actions stoke fears of talent flight among audit firms

In recent times, there has been a spate of actions against auditors, including PwC and Deloitte.

Heidrick & Struggles appoints Puneet Pratap Singh as partner-in-charge of India

Before moving to Heidrick & Struggles, where he will soon be completing 11 years, Singh spent nearly a decade at boutique executive search firm Executive Access, where he was last a partner.

With forensic audit confirming fund diversion, endgame nearing for DHFL, Wadhawans

The third largest mortgage lender had sought a Rs 15,000-crore lifeline from the lenders as they finalise the resolution plan, which may also include picking up 51 percent equity in the company by converting their debt into equity.

Cleartax acquires Dose FM, absorbs its team

Online tax returns filing platform Cleartax and early-stage audio streaming platform Dose FM further plans to create an engagement platform for their business customers to file their GST returns. A four member team will be joining Cleartax.

PwC India plans to hire 1,200 for its Kolkata labs

PwC India plans to hire 1,200 for its Kolkata labs

These labs will be used to incubate new solutions to address issues that are impacting businesses globally.

CARE orders forensic audit of its rating calls

CARE orders forensic audit of its rating calls

The homegrown rating agency has hired external hands to examine whether there were lapses on its part.

Altico lenders appoint SBI Cap & EY as advisors

Altico lenders appoint SBI Cap & EY as advisors

Existing shareholders also declined to bring in further capital to support upcoming lender repayments, citing their latest infusion in March.

Two partners at NSEL audit firm arrested by EoW

Two partners at NSEL audit firm arrested by EoW

The EOW also said that as per the byelaws of NSEL, it was necessary to make provision of Rs 1 crore before commencement of trading.

Deloitte Haskins and Sells questions NCLT ambit

Deloitte Haskins and Sells questions NCLT ambit

Deloitte Haskins and Sells challenged Centre’s plea at NCLT that seeks a five-year ban on former auditors of IL&FS Financial Services (IFIN).

ManpowerGroup appoints Sandeep Gulati as managing director for India

ManpowerGroup appoints Sandeep Gulati as managing director for India

At ManpowerGroup, he will lead the India business, replacing AG Rao.

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