Sebi order against Price Waterhouse has audit profession in a tizzy

Most chartered accountants and audit professionals were of the view that the Sebi's order was 'harsh'

The audit profession is a divided lot when it comes to reacting to the Securities and Exchange Board of India’s (Sebi’s) order barring Price Waterhouse (PW) network firms from the audit of listed entities for a period of two years. Most chartered accountants and audit professionals were of the view that Sebi’s order was “harsh” and a financial penalty would have sufficed to send a strong message to the errant firm. 

“The situation is akin to shutting down an entire hospital for one errant operation by a doctor,” said a chartered accountant at an Indian firm that is part of