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PricewaterhouseCoopers (PwC), which is facing a multiple-agency probe within the country for its “unreliable” audit of Satyam Computer Services leading to a Rs 7,000-crore accounting scandal, holds a further risk of being quizzed by US accounting regulator in India, said Institute of Chartered Accountants of India (ICAI) president Ved Jain.
The Institute of Company Secretaries of India has sent a letter to the company secretary of Satyam Computer Services, seeking a report on corporate governance, sources said.
KPMG and Deloitte, the two firms entrusted by the new three-member board of Satyam Computer Services to audit the company’s accounts, are not allowed to do audit work in India —a point that has not escaped the attention of the Institute of Chartered Accountants of India (ICAI), the regulatory body for accountants in the country. […]
The unanimous approval of Satyam’s erstwhile board to the Maytas deal was not unanimous in letter and spirit, the minutes of the infamous December 16 meeting revealed on Saturday.
The government banks have an exposure of Rs 3,300 crore in Maytas, the subsidiary of beleaguered information technology (IT) major Satyam. The state-owned banks, however, have made no investments in the scam-tainted parent company.
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 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 […]
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 business with […]
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.
