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CBDT investigation into Satyam Computer Services

When it rains, it pours. The Central Board of Direct Taxes (CBDT) has launched an investigation into Satyam Computer Services, joining a growing list of authorities investigating the company whose fate hangs in the balance following an admission of financial irregularities by its founder-chairman....

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Posted Under: CA, CS, CMA |

Price Waterhouse says audit of Satyam in accordance with auditing standards

Price Waterhouse, the statutory auditor to Satyam Computers, on Thursday said that their audits of Satyam’s books were conducted in accordance with auditing standards. “Over the last two days, there have been media reports with regard to alleged irregularities in the accounts of Satyam Computer Services. The audits were conducted ...

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Posted Under: CA, CS, CMA |

Govt orders probe into 8 cos promoted by Raju

The government on Thursday ordered a probe into all the eight companies promoted by Ramalinga Raju, the former chairman of Satyam Computer Services. Raju had on Wednesday admitted to cooking up books of Satyam, India’s tier one IT services company.Hyderabad. Declining to give a direct answer on the possibility of appointing governme...

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Posted Under: CA, CS, CMA |

Satyam chairman arrested, board scrapped

The chairman of Satyam Computer Services was arrested on Friday on charges of cheating and forgery, and the government dissolved the outsourcer’s board as authorities moved to limit fallout from India’s biggest corporate scandal....

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Posted Under: CA, CS, CMA |

PWC involved in Satyam,GTB & DSQ Software-TOI

The Satyam fraud is not the sole brush with infamy for Pricewaterhouse, one of the world’s top auditing firms. Pricewaterhouse is already in deep trouble in relation to its suspect auditing of the collapsed Global Trust Bank, for which it is being probed by the disciplinary committee of the Institute of Chartered Accountants of Indi...

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Posted Under: CA, CS, CMA |

CAs could be barred for lifetime, if found guilty, says ICAI

Apex chartered accountants institute ICAI has so far barred CAs from practising for a maximum of five years in 41 cases, but may ban those involved in auditing Satyam books for life, if found guilty. “We have written to the disciplinary committee of ICAI. If found guilty, CAs involved in Satyam Computer’s auditing could be [&h...

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Posted Under: CA, CS, CMA |

Satyam's fraud shameful: Ministry of Corporate Affairs

The ministry of Corporate Affairs is looking into the statement sent by Ramlinga Raju to stock exchanges  admitting fraud in Satyam’s accounts. “If the message was true and a fraud has happened in Satyam it is very shameful. It should not have happened,” Corporate Affairs inister Premchand Gupta told reporters on Wednes...

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Posted Under: CA, CS, CMA |

Satyam Computer head quits, admits doctoring books

The chairman of India’s Satyam Computer Services Ltd. quit Wednesday after admitting the company’s profits had been inflated for several years, sending shares of the software services provider plunging by more than 70 percent....

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Posted Under: CA, CS, CMA |

India to examine role of Satyam auditors, directors

NEW DELHI, Jan 7 (Reuters) – India’s government will examine the role of Satyam’s auditors and directors, after its chairman resigned and said the company profits had been inflated, the federal company affairs minister said on Wednesday. “Anybody found guilty will be dealt with accordingly,” Prem Chand Gupta ...

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Posted Under: CA, CS, CMA |

CA body starts bid to integrate profession

The Institute of Chartered Accountants of India (ICAI) has undertaken various initiatives to create a communication link between its members who are practising and those who are employed in the corporate sector. This is to meet the current challenge of  finance functions becoming crucial and a chief finance officer  developing into a ch...

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Posted Under: CA, CS, CMA |