Francine McKenna, an ex-PWC director and a fierce critic of the “big four” accounting firms (PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young), believes the Satyam issue raises fundamental questions of oversight. She says: “It’s hard to know the extent to which there was complicity between the auditors and senior management or whether it was plain incompetence. PwC (Satyam’s auditors) doesn’t have the enforcement capability. It’s left with little choice other than to cut off the gangrenous arm and throw some of its Indian partners under the bus.” An interview with Dennis Howlett for The Guardian on January 15, 2009.
For the link to The Guardian story, go here.