When Satyam’s auditors fight corruption

When Satyam's auditors fight corruption

When Satyam's auditors fight corruption

PricewaterhouseCoopers (PwC) may or may not have a role in the Satyam Computers fiasco. But a recent campaign against corruption launched by the consulting firm sounds interesting in the present context.

It was Price Waterhouse, the sister company of PwC, that audited the Satyam's books of accounts.

Named "Confronting Corruption" the report, prepared on the basis of an online survey, examines what companies are currently doing to "manage the risk of corruption and the steps they can consider to better protect themselves in the future."

According to the information in its website, the increased focus on the private sector's role in fighting corruption led PwC to commission The Economist Intelligence Unit to conduct a global survey and conduct interviews with senior executives and anti-corruption experts.

The survey indicates that business is more keenly aware than ever of the "dangers of corruption."u00a0 It further states that companies need to expand the scope and rigor of their efforts to manage "corruption risks with well-designed controls that are clearly communicated and enforced."

'Chequered past'

Meanwhile, Business Standard reports that PwC has a chequered past with Indian tax authorities having admitted its "mistake" in at least two cases of tax evasion.

The income tax department as well as the service tax department had detected tax evasions by Price Waterhouse. PwC had to settle the cases with both the departments after it admitted to making the mistake and paid the dues -- with interest and penalty, says the report.

"The question is not the amount of evasion, but the fact a top accounting firm, which provides tax advisory and audits the accounts, had involved in tax evasion is a matter of concern," the report said quoting a revenue department official.

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