PwC is facing a 2 year ban in India. During this ban they will not be able to audit any Indian listed company. This ban was handed out by the Indian Securities and Exchange Board. The ban will go into effect on March 31, 2018.
This ban relates to PwC's audit of Satyam. Satyam collapsed in 2009 due to faulty accounting practices. PwC will also have to pay $2 million in fines.
Over 2,000 of PwC's audit employees might be impacted by the fine. 40% of PwC's business in India relates to auditing.
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