SAT rejects PW plea to extend relief till Mar 2020 to carry out audit work of existing clients

The Securities Appellate Tribunal (SAT) has rejected a plea filed by Price Waterhouse and its network entities to extend by a year till March 2020 the interim relief granted to them to carry out the audit works of existing clients. The tribunal, in February, had modified its order passed on January 19 and allowed PW and its network entities to continue with audit works of existing clients till the end of March 2019 or till a new division bench is constituted. The tribunal in its January order had clarified that PW and its network entities could carry out audit certification of listed companies till December 31, 2018. Pursuant to the SAT ruling, these entities had sought extension of the period of interim relief granted by the tribunal, through an order passed in February, till March 2020 on the grounds that seven clients of the applicants follow calendar year as their accounting year and the remaining clients have financial year as their account year.