Is Satyam, PwCs' Nemesis!

What is most ironical is, it seems there were many glaring matters that were staring at the eyes of any Prudent Auditor and prima facie it appears they were callous in not pointing out matters and at least attempting to Qualify their Audit Report on those counts.It seems a Qualification of the Audit Report would have been justified on these counts at least:1. The veracity of the reported figure of number of employees in the company touted at approx 52k!Did PwC not verify this and find it inconsistent?If yes (as is now being reported in the media) how come they issued a clean report?2. Surely the benami transactions must have been reflected on the Balance Sheet under "Loans & Advances".Did the auditors verify these? Did they obtain justifiable documentary evidence and purpose of such loans and interest etc in order for them to not Qualify the Audit Report?After all it is a Balance Sheet Audit as well as Risk Based Auditing and is reasonably expected to render a true and fair view of the Financial Statements?3. Did they sensibly obtain a Letter of Representation on specific issues year-on-year of its audit of this once prestigious client?4. Why is it that Satyam was paying PwC an Audit Fee twice as much as what Infosys and other competitors were paying its External Auditors for such similar audits of those entities, as has been reported in the media?5. Was PwC a party to all this and more in its Audit of Satyam's Books of Account?6. As per Auditing Tenets:a. An Auditor is a watch dog not a blood houndb. Rocks lie beneath, straws float aboveHow come a carefully crafted Risk Based Audit Approach through the process of Observation and Enquiry followed by Substantive Audit Procedures & Adequate Documentation not yield answers to basic issues legitimately meant to be asked by any Prudent Independent Auditor?7. Were PwC as External Auditors ignorant or complicit?OrIs it that there are so many loop holes in the Companies Act and Audit Guidelines operating in India that it is possible to get away with murder and quietly pocket Audit Fees and move on from year to year and continue to generate reams and reams of work papers of no consequence?8. What about Quality Control? In seven years of Audit, was SATYAM never picked up for a Quality Review of working papers and the audit?9. Were Engagement Partners never rotated?10. Were they not aware that this is a Sox client due to its being listed on the NYSE?11. What kind of Sox audit did they perform on Satyam? How SAD if on any one of the above questions raised, PwC was found lacking!!!There seem to be one too many faux paus to a Chartered Accountant and any man of ordinary prudence who knows about Financial Statements & rudiments of Financial Auditing that all this could escape scrutiny during an audit.I say all this based on the suggestions from the emerging media reports on the matters reported so far.The facts and ground realities of the audit and circumstances may be some thing else.Time will tell, for sure.It would be interesting to see how PwC offers its defense to such basic questions about auditing and many more as matters surface! It’s most certainly going to be a rough and long winter for PwC.It is fearful what could happen to one of the Greatest Accounting Firm world wide as it tries to resurface from this awful bad quagmire!Sad it had to happen to PwC! I am very sad! That a few rotten professionals associated with PwC could have tarnished the name of Pricewaterhouse Coopers world wide due to their callousness and highly negligent behavior, if that at all be the case! PwC is no doubt one of the very best Institutions and Firm to work for and to be associated with.I sincerely hope and pray that PwC will be able to come through this difficult chapter and punish and disassociate itself from the erring members of its firm so that it can continue to be one of the Best and Leading Accounting Firms there is, world wide!I hope ICAI will not have reason enough to black list the firm due to a few irresponsible members of this venerable Giant and a Great Auditing firm.I still remain a sincere well wisher of PwC despite all of these tragic finger pointing that is happening to PwC from various quarters almost on a daily basis.