While i was a student at ICAI[Institute of Chartered Accountants of India] i was always told about the long rules and practises we need to follow in order to complete any job. Years passed and recently we came to know about the big Satyam Scam by Raju which involved thousands of $ loss to the people. The companies owner was thrown in the jail and the ICAI filed a case against the Satyam’s auditing firm PricewaterhouseCoopers. Today there was another news that ICAI gave a clean chit to Pwc because it appealed that it had no connection with their franchise in bangalore.
Can someone explain me if a company offers franchise and if their franchise does something wrong, isnt the franchisor held for that? If not then whats the reason the franchise has got the rights to use the name of the franchisor and gain clients based on the brand name?
Its clear the ICAI has implemented a wrong step just to favor a large MNC firm which had made lakhs of people suffer for their own mistakes. A audiotors fim has the right and is also oblidged to give away the right numbers and perfect accounts when Public Money is involved which they didnt do. Iam seriously confused why reputed firms like ICAI also bend their rules and change everything when its comes for known companies.
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