"Common complaints about India's disclosure regime include the absence of a requirement on companies to file full balance sheets along with quarterly results. The other problems is enforcement. ... And almost no serious white collar criminal inIndia has ever served time after sentencing. ... 'Corporate crime in India can't be addressed by more laws or indeed more governance,' says Krishnamurthy Vijayan, executive chairman of JP Morgan Asset Managemant in Mumbai. 'I suspect that rapid and forceful action against the perpetrators is the main answer'," Joe Leahy at the FT, 30 January 2009.
PWC must be incompetant if it was "shocked by the massive fraud". This is a Captain Renault line from Casablanca, 1942. Some day the SEC may put an end to this Big 87654 fiction of being one firm for all purposes except being sued.