The Satyam scam had its auditors PWC red in the face. Raju had cooked the books for many years and did the auditors fail or were partners in the crime, is for the investigative agencies to find out.
But life must go on for Satyam and that’s why the new management is making important changes on the audit front to win back the confidence of market regulators and investigators.
Exit PricewaterhouseCoop ers, enter Deloitte—could be the new auditing formula at Satyam.
NDTV has learnt that KPMG and Deloitte, who were appointed after the Satyam scam broke to restate its accounts, will now see a rejig in their roles.
KPMG will handle Satyam’s investigative audit, which means restatement of accounts for almost 7 years will now be its responsibility and it will get time till December to complete the task.
Deloitte, on the other hand, may be Satyam’s new statutory auditor. Incidentally Deloitte is also Tech Mahindra’s auditor and in case of a merger eventually, uniform audit standards can help make integration easier.
Meanwhile, Tech Mahindra and Satyam top brass will meet in Hyderabad over this weekend and a decision on the auditors’ front is one of the top priorities.