Only Brazil and Mexico would survive as world economic powers in Latin America by 2030, according to a study by PricewaterhouseCoopers (PwC) and Standard Chartered released last week. The two countries are expected to experience significant economic growth within the next six years.
The auditing work of one of the world's Big Four accounting firms has been sharply criticized by the industry's watchdog. KPMG audits had shown an unacceptable deterioration and will be subject to closer supervision, the Financial Reporting Council said.
PwC's Indian unit has been banned from auditing listed companies for two years, over one of the country's biggest corporate scandals. Price Waterhouse was auditor for Satyam computers when company owner Ramalinga Raju admitted to inflating earnings.