<p> 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.<br /><br />“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.<br />The written explanation is expected in 15 days of receiving the notice, he said, adding, further proceedings would be based on their reply.</p>
<p> 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.<br /><br />“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.<br />The written explanation is expected in 15 days of receiving the notice, he said, adding, further proceedings would be based on their reply.</p>