Five Indian members of PriceWaterhouseCoopers International have been censured by the SEC for their role in missing signals of massive fraud by Satyam Computer Services. That fraud included overstatement of  bank accounts by hundreds of millions of dollars from 2006 through 2008 for a total of more than $1 billion in overstated revenue and cash. The fraud was undetected until the company's former chairman confessed in 2009. The problems led PW International to replace the audit teams involved and auditors from PW firms outside India were brought into the country in 2009 to provide audit leadership. The five firms were also ordered to pay a $6-million civil money penalty as they agreed to a cease-and-desist order.
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