The notices by the institute, comes after US market regulator Securities Exchange Commission (SEC) on earlier this month fined five affiliates of PricewaterhouseCoopers (PwC) $6 million (about Rs 26 crore). These firms were independent auditors of Satyam Computer Services.
“We have already taken initiatives against auditors of Satyam company and proceedings are on and now we have issued notices to audit firms of the PwC and Lovelock & Lewes to explain this (SEC) order and penalty payment in detail,” said ICAI President G Ramaswamy.
The written explanation is expected in 15 days of receiving the notice, he said, adding, further proceedings would be based on their reply.
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