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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.
The audit firms appointed to restate the account books of scam-tainted Satyam Computer Services will not investigate the role of PWC in the Rs 70-billion (Rs 7,000-crore/$1.43-billion) revenue fraud at the IT bellwether, a board member said Thursday. ‘The job of the two foreign audit firms – KPMG and Deloitte Touche Tohmatsu – is to restate the books of accounts and not to carry out an investigation into the affairs of Satyam Computer or its statute
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.
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.
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, […]
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.
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:
20. We have heard both the parties and have carefully gone through the orders of the authorities below. Explanation 2 below sub section (2) of section 80IB provides that where in the case of an industrial undertaking, any machinery or plant or any part thereof previously used for any purpose is transferred to a new business and the total value of the machinery or plant or part so transferred does not exceed 20 per cent of the total value of the machinery or plant used in the business, then for the purpose of clause (ii) of sub-section 2 of section 80IB,
The Institute of Chartered Accountants of India (ICAI) said on Monday it would reveal to the public the names of audit firms that overlook due diligence while auditing companies. This would act as a deterrent to audit firms from compromising on the quality of audit work as the bad publicity would make it lose its […]
ADAG group chairman Anil Ambani has asked market regulator SEBI to ensure confidentiality of commercial and other information while carrying out counter audit of top corporate houses in the wake of a mega financial fraud in Satyam leaving a blot on India Inc’s image. Welcoming Sebi’s initiative on establishing and certifying quality of audit, Ambani […]
