No price for guessing - E&Y/PWC has been at the forefront of both of these scams.
How long will regulators take to
- Do audit of auditors
- Break the monopoly of Big4
- Punish Individuals within the companies
- Impose penalties and limited ban on these companies
Both the above mentioned cases are strikingly similar in the sense that fraud account entries were created and money was show there when it was not there.
This was a basic audit check which even a Preet Vihar / Laxmi Nagar - Rs 100 per hour CA is also doing on all the firms, he is auditing
How can a firm, which charges - Rs 10,000 per hour (whole team) could have missed such a fundamental thing?
Does this point towards something intentional ?
Is this prevelant or a one of event?
How much cut the team gets or the Big4 company gets for such acts ?
