SEC and PCAOB Crack Down on Pricewaterhouse India

MoneyControl reports that the Securities and Exchange Commission and the Public Company Accounting Oversight Board have imposed record-breaking fines and sanctions on five Pricewaterhouse India firms. After investigating the Satyam fraud scandal, regulators determined that auditors violated PCAOB rules and standards. As a result PW India has been fined $6 million by the SEC and $1.5 million by the PCAOB. Moreover, PW India is prohibited from accepting new U.S.-based clients for six months.