Excellent coverage Sucheta ji. We know what our sick media is like!! You're an exception

Standing ovation to Sucheta Dalal

Your videos have introduced common people like me to the actual world of finance and economy that forms the backbone of a nation,more so for a country like ours that wants to become a Vishwa guru.No checks,only balancing.The people who are required to look into such frauds are just benefitting from such frauds and that is why turning a blind eye.Thank you Ms.Dalal

I have another issue to highlight Why suddenly Sundar Pichai made an India visit ...and met several political people. As far as I read Google was slapped with few penalties from CCI ...was there more that didn't get reported. Cannot even tell what's true nowadays

@meta5291

Жыл бұрын

India is horribly corrupt country where the rich and powerful are in an incestuous relationship with each other.

@LetsbeHonest97

Жыл бұрын

Exactly

@basuh7526

Жыл бұрын

What's ur problem?

@puggleski6097

Жыл бұрын

In a recessionary environment, it pays in the medium term for large corporates to be onside of govts with substantial spending power.

@meta5291

Жыл бұрын

@@puggleski6097 There's a difference between negotiating a penalty transparently and bribing some people/party/group within the government to remove the penalty at the expense of the citizens of India. This is what Pichai and BJP did and this is how KPMG managed to not get noticed by the appropriate authorities.

I have been following your work for a long time Sucheta Ji. This one was very insightful and hopefully, those that need to take action are also going to wake up!

Atleast someone is looking into this and bringing facts out to light. Great work and keep it going. Ordinary citizens (investors in equity or debt or customers or unsuspecting suppliers) are affected by entities that suddenly go bust and then murky truth emerges later of fraud or collusion or negligence or incompetence. This has already affected many and hard earned savings is lost. There is no fear of law or wrong doing in the system that is lax and it is a small gang that gets away with murder. Once everyone is named, shamed and swiftly punished in a fair and transparent way, things could improve and till then, there is not much confidence in the system.

@mohankumargaviyappa9247

Жыл бұрын

Another giant bites the dust. Common investors take a beating.

How much of KPMGs profit was the fine. Now it's the business mantra of corporations to include fines and penalties in operational costs, and pass the costs to clients. Where as individuals and small businesses gets decimated feeding the overpaid govt employees through taxes and fines.

Thank you so much for this video.

Thank you!

Excellent reporting as always

nice delivery, thanks suchita for this vedio

Pls throw light on ADANI group Debt issue Some Rating agency published report within 48 hours statement withdrawn what went wrong , pls throw light Some time cycle analyst Bank Nifty to fall from @45000 to @10000 below , This become true only ADANI group failure Reason not says by U ruber

Thanks

There's no ripple in India because CA institute is politically & corporate wise well networked..

@satishkumarkn1164

Жыл бұрын

Why do you want bring ICAI into this. ??? It is our politicians and bureaucracy which is sold out. They are both corrupt.

This is journalism!!!

very interesting and informative video

Great piece of information... Mam plz start the print edition again

Nice coverage ma'am. Keep rocking

Brave journalism always

You are doing great job madam. Keep it up 👍👍

I definitely agree. 👍👍👍👍👍👍💪💪👍

KPMG is acting as advisor for many smart City projects without any expertise. Destroyed many projects.

Thanks for your spotlight on this sensitive issue. This may be just a tip of the iceberg. Along with Audit Companies the Rating Agencies too are surely complicit. How else can Corporates with huge Debts are given a rating equivalent of the country. The Corporate then raises capital, both here and abroad in foreign exchange. If there is a clear scrutiny of audit of this is carried out scrupulous, it will open up a huge Pandora's box. Thank you again for all your diligent efforts.

Very Good Analysis.Auditors for Fat fees will go to any extent to please their client.

The concept of "settlement" in such cases, defeats the very purpose of carrying out the audit and assurance assignment..

@akshaychordia8583

Жыл бұрын

So you suggest to close the company for erroneously uploading a blank workpapper on a system and then replacing it with the correct one?

ICAI, SEBI, NFRA - Sleeping

Nice information 👌

All I understand workpaper concept is for large audit firm where sampling., While in small or midsize firm mostly every one doing 100Percenct checking. Further audit number should be substantiated by evidence.

Hope someone in the government takes notice of this grave issue.

@HariKrishnan-uo3eq

Жыл бұрын

This all happened with the knowledge and suppof the government.

We watch the drama not what happens behind the scenes. As evident we crowd Temples Mosques Babas and political rallies. Symbolism matters to us, including religious. Slogans matter to us not the intent. Promises are enough for us not it’s fulfilment. For such a people. You can not expect more. How could you ?

🧐🧐🧐😮😮😮 No ripple what so ever... True...

Do the SEC have the authority to regulate an Indian auditor? I am keen to understand the jurisdiction in this case.

@AjitJoshi686

Жыл бұрын

The US regulator can chase any US subsidiaries, most time the US companies themselves do disclosure to avoid the wrath of any regulators.

Didi tum wahi scam 1992 bali hoo naa

why US is poking in Indian system?

Its not a surpirse to see KPMG/EY getting noticed and fined for misconduct. The work culture is really bad in these big4's . promotions are made only after ass-licking and sleeping around. in fact one of the partners has asked his directors not get married or have kids till they are made partner so that the firm can get maximum attention

Very interesting. Keep up your reporting . Best Wishes from Karachi Pakistan

@basuh7526

Жыл бұрын

Wackooo mullaha first get ur own petrol quota

Waiting for your commentary on Adani market earth quake. Is the Indian taxpayer due for a close haircut?

I as an investor and citizen of India, I fully agree with you.

CA professionals, this is a stain on you!

@georgecarlinn6288

Жыл бұрын

Ca professional see it as achievement not stain if you steal 100 million and have to pay 5 million dollar fine you still walkaway with 95 million

@atulgandhi2527

Жыл бұрын

@@georgecarlinn6288 CAs in India are not paid in million dollars as consultancy fees. It is just figment of your imagination.

@georgecarlinn6288

Жыл бұрын

@@atulgandhi2527 every financial scam, company ca know it and help in cover up, this is an fact, when I say million dollars it is an analogy ca will keep his butthole open even for few lakhs and this is not figment of imagination.

Sucheta is overblowing this. Here's the quote from the report: "Failure to cooperate with a PCAOB inspection, cheating on training exams, signing off on blank work papers, and improper use of an unregistered firm are among a range of violations that occurred from 2016 to 2021. In addition to fines, today’s sanctions include barring or suspending four auditors from participating in public company audits and requiring three KPMG member firms to review and improve as necessary their quality control policies and procedures." 4 Individuals defrauded KPMG's clients and throw the company under the bus. Is it company's fault? Probably not. Was it a Governance failure? Yes it was. Was it a systemic issue? Not likely. These things are normal and mundane.

@atulgandhi2527

Жыл бұрын

@@kebugcheck do you mean to say, motorist has first right over all resources ( road and open spaces).

@AK-bo7yq

Жыл бұрын

@@kebugcheck actually we do need wider footpaths because we are tired of these shopkeepers extending their shop onto the footpath which was made for us to walk on but is not available to us. Cycle stands might be empty now but I’ve seen people starting to use them more and more in my city, it’s an initiative to move towards a healthier lifestyle. Please stick to your point about the requirement and duties of an oversight board and don’t go into the details of what the government is doing is useful to the public at large or not, and you don’t represent us.

@meta5291

Жыл бұрын

It's not just 4 people. It's just that they were caught. Scapegoats, like she said. And this sort of behavior is common across the board. And not just in auditing firms. Unfortunately, all of our regulators are equally untrustworthy. End result, nothing from India is worth anything.

@meta5291

Жыл бұрын

@@kebugcheck Agree

Dear mam, kpmg is not allowed to represent themselves as auditors in India. ICAI allows only Indian firms to be auditors. The KPMG, in this present case, is not acting in the capacity of auditors. Instead, these are MBAs, CAs (not acting as auditors). Hence, there is no point of worrying about having any issue for Indian markets. The entities are different. And coming to the point, why the company's name is not provided for which the alleged misconduct happened, PCAOB is not an Indian constitutional body. They may have their standards of work and in most cases are not at the same level as Indian laws. In many cases, names are judicially left out because of the impact it may have to the company. Just imagine, if the company is not at fault and it was only the fault of KPMG for uploading blank workpapper and then replacing it with correct one. Is it fair for the company's name being spoilt? I would suggest you to please highlight the wrong doing and points to make the system better in a structured manner instead of having this rage towards any wrong doing by any multinational or national body.

@AjitJoshi686

Жыл бұрын

Great observation. But unlikely these auditors will do procedure in a wrong manner.

@hsekhar

Жыл бұрын

1. PCAOB can work as they want, but Indian regulators should look into this. 2. Why would a company who didn’t do any wrong accept their auditor or consultants backdate records using blank papers? Investors need to know which company is this. And, the company can take corrective measures too.

kpmg has always been a biased auditor