accounting fraud

The Supreme Court will decide on February 3 the bail plea of Price Waterhouse auditor Talluri Srinivas, who was arrested in the Rs 7,136-crore Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides. A Bench headed by Chief Justice KG Balakrishnan posted the matter for final hearing on February 3 after hearing counsel for both the parties—Srinivas and CBI. Earlier, it had sought response from the investigative agency on an appeal fi.. Full Article

The CBI on Monday opposed the bail plea of Price Waterhouse auditor Mr Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder Mr B Ramalinga Raju and other aides. Additional Solicitor General, Mr Harin Raval told a Bench headed by the Chief Justice, Mr K G Balakrishnan that Mr Talluri was part of the conspiracy in the entire fraud. Full Article

The ministry of corporate affairs(MCA) will take a call against the audit and accounting firm PricewaterhouseCoopers only after receiving the fact-finding reports of the Rs 10,000-crore Satyam accounting fraud from the Institute of Chartered Accountants of India (ICAI) on January 11, said MCA minister Salman Khurshid. Full Article

Accounting regulator ICAI said on Wednesday it would give auditors of Price Waterhouse in the Satyam scam a chance to present their side before passing any order against them. "I told my office to take permission of the court because I want Director, Discipline, to begin proceedings against them (S Gopalakrishnan and Srinivas Talluri). Unless I listen to them, I cannot pass the order against them... either send them to us or a llow us to hear them while in custody," ICA.. Full Article

The mammoth fraud at IT major Satyam, involving over Rs 14,000 crore as per CBI, proved to be the most brazen swindling act, forcing the government to re-write corporate governance rules during 2009 and tighten the norms for chartered accountants. While the investigating agencies had a tough time going through voluminous documents to get to the extent of the scam and uncover the modus-operandi of the fraud, disclosed by the company’s founder and then chief B Ramalinga .. Full Article

The Central Bureau of Investigation (CBI), which is probing the multi-crore Satyam accounting fraud, has given a clean chit to PricewaterhouseCoop ers (PwC), the firm's erstwhile statutory auditors. The CBI, in its supplementary chargesheet filed on November 24 at the XIV Additional Chief Metropolitan Magistrate Court, revealed that the auditors S Gopalkrishnan and Srinivas Talluri, were employees of Lovelock & Lewes (L&L) and that the remuneration, which Satyam paid to.. Full Article

Mahindra Satyam on Wednesday said its financials are not necessarily, even as investors were roiled by reports that the accounting fraud in the company could be double the initial estimate of Rs 7,800 crore. "The company wishes to point out to investors that reported allegations regarding the magnitude of investor harm or historical misstatements in the company's accounting records do not necessarily shed light on the present financial position and liabilities of the co.. Full Article

Even as India's federal investigating agency last week stunningly doubled to US$3.02 billion the amount of money involved in the Satyam Computer Services scam exposed early this year, a tribe of forensic auditors is emerging to upgrade the country's war against corporate crooks and book-keeping frauds. Full Article