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Auditors failed to detect major risks in Satyam

The statutory auditor of Satyam Computer, Price Waterhouse, has said that it found no “significant risks and exposures” during its audit of the scam- hit IT firm....

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Posted Under: CA, CS, CMA |

Ramalinga Raju Empire extends to 40 companies

The Ramalinga Raju empire is much wider than what it was originally thought to be. Investigations now show that the Raju family had spawned more than 40 companies in the last 15 years. A majority of these companies — spread across 10 states — sprang up in the last four years and most of them […]...

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Posted Under: CA, CS, CMA |

Companies having links with Satyam under SFIO scanner

The net is being cast wider with every company that has done a transaction  with Satyam now coming under the scanner of the Serious Fraud Investigation Office (SFIO), which got permission to probe Satyam’s transactions with as many as 250 companies. All the companies will have to divulge information regarding the nature of their b...

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Posted Under: CA, CS, CMA |

Satyam wouldn’t be audited by KPMG

KPMG on Thursday said it will not do any auditing work for Satyam, hours after ICAI cried foul over appointment of the company by new board of Satyam....

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Posted Under: CA, CS, CMA |

Price Waterhouse gave wrong PAN to Satyam

The Satyam saga gets murkier. Now it has come to light that its auditor, Pricewaterhouse, furnished the company with a “wrong” PAN. Confirming this Institute of Chartered Accountants of India (ICAI) has said it would take “disciplinary action” against the auditors and may even consider cancelling its licence....

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Posted Under: CA, CS, CMA |

PROCEDURE FOR APPOINTMENT OF BRANCH STATUTORY AUDITORS IN PUBLIC SECTOR BANKS FOR THE YEAR 2008-09

The large PSBs having balance sheet size (assets + liabilities) of above Rs. 1 lac crore each to exercise managerial autonomy in regard to appointment of SBAs also from the year 2008-09 onwards.  Thus, State Bank of India, Allahabad Bank, Bank of India, Bank of Baroda, Canara Bank, Central Bank of India, Indian Overseas Bank, […]...

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Posted Under: CA, CS, CMA |

Auditor Could Pay for Indian Outsourcing Fraud – From abroad

The founder of the outsourcing giant Satyam may have admitted committing the largest corporate fraud in Indian history when he made up $1 billion out of thin air, but Satyam’s auditor, PricewaterhouseCoopers, could pay the price....

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Posted Under: CA, CS, CMA |

No Clarity on Legal Action Against Auditors-TOI

COIMBATORE: Angry shareholders of Satyam may be miffed with the statutory auditors who have come in for sharp criticism following the dramatic revelations of accounting fraud in what is being billed as the country’s Enron. But there is not much clarity on the kind of action shareholders can take against the auditors Pricewaterhouse ...

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Posted Under: CA, CS, CMA |

3 NEW DIRECTORS NOMINATED ON THE SATYAM BOARD

Following is the text of the statement made by Shri Prem Chand Gupta, Minister of Corporate Affairs, at the Press Conference held here this evening:...

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Posted Under: CA, CS, CMA |

7 Indian companies so far been banned by World Bank Including Satyam

Satyam, and now, Wipro Technologies and Megasoft, join the 300 companies that have been blacklisted by the World Bank Since 2000. The list includes four other India-based vendors....

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Posted Under: CA, CS, CMA |