25 January 2012

Audit firms involved in scams face heavy fines

Jail up to 10 years and fines up to three times the scam amount await chartered accountants and audit firms found guilty in corporate frauds. Audit firms, including the global Big 4 - Pricewaterhouse, KPMGDeloitte and Ernst & Young - for the first time face punitive action, closure of business and stiff penalties for financial frauds as the government proposes a stricter regime to check scams and irregularities......


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