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SEBI ban on PW may hit audit of 77 firms, including Tata Steel, Hindalco

SEBI’s order banning the Price Waterhouse network of audit firms (PW firms) from auditing listed clients for two years will affect 77 NSE-listed firms, according to data compiled by Prime Database.
Current Affairs For the current financial year, PW firms — including Dalal & Shah and Lovelock & Lewes — are statutory auditors to 77 firms listed on the NSE. This includes heavyweights such as Hindalco Industries, Tata Steel, Ashok Leyland, IDFC, IndusInd Bank and Reliance Capital.

While the revenue impact the ban will have on PW firms’ India operations is uncertain, data shows that in FY17, the audit firm network earned upwards of Rs. 81 crore in audit fees from its roster of listed clients.
India was among the fastest-growing markets for audit and advisory giant PricewaterhouseCoopers (PwC), recording almost 20 per cent growth in revenue in FY16. PW network firms in India are either members of or connected with the UK-based PwC. The global firm does not reveal revenue by country. PwC reported over $37 billion in global revenue in FY17.
Published on 1/12/2018 2:47:00 PM

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