New Delhi: Serious violations of accounting principles as well as major financial irregularities have been detected in several entities of PricewaterhouseCoopers India (PwC India),which would seem to indicate that the company has been wrongfully dressing up its own books and those of its network audit firms in order to remain profitable.Several PwC India top honchos including chairman Deepak Kapoor and some senior directors signed backdated invoices,which hints at largescale financial manipulation and could spell further trouble for the company already tainted by being the auditor in the high-profile Satyam scam of 2009.
The violations at PwC India have the potential to land it in serious trouble not only with various regulators like the corporate affairs ministry,RBI and auditing watchdog Institute of Chartered Accountants of India (ICAI) but also bring it in contravention of the Indian Penal Code (IPC) as falsification of accounts and misrepresentation of facts is a criminal offence.
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