Satyam ropes in KPMG, Deloitte; PwC says audit unreliable |
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Mumbai: Satyam's new board today named KPMG and Deloitte as its auditors, even as its previous bookkeeper Price Waterhouse said its audit of the IT company's account could be construed as 'unreliable' in the wake of Ramalinga
Raju's admittance to fraud.
'We have decided to appoint Deloitte and KPMG to assist the board in the restatement of financial statements of Satyam,' Satyam board member C Achuthan told PTI here today.
Both accounting firms have been asked to 'restate' the accounts of India's fourth largest IT company, 'as quickly as
possible', Achuthan said.
The appointment comes amid investigation into Satyam's accounts and the role of Price Waterhouse in it. Meanwhile, Price Waterhouse in a letter to the newly constituted board yesterday said that it would like to work with the company and 'provide assistance to the new board of directors to address any issues that arise in the course of such investigations...'
PwC said its audit of the IT company's financials could be 'inaccurate and unreliable' in view of the financial irregularities disclosed by Ramalinga Raju.
It had previously said that its audit on Satyam was supported by 'appropriate audit evidence' and complied with 'applicable standards.'
KPMG and Deloitte, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent.
Agencies investigating the Satyam fiasco conducted raids at the PwC's Hyderabad office yesterday and are understood to have recovered several documents.
The Hyderabad-based IT giant plunged into a crisis after its former Chairman B Ramalinga Raju confessed to committing serious financial irregularities over several years and running into thousands of crores of rupees. |
| Reported by PTI |
| 14th January 2009 05:25:58 PM |
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