Indian firm could get Satyam audit mandateJanuary 11th, 2009 CHENNAI - Perhaps for the first time in the Indian corporate history, an audit firm - and a foreign one at that - is being dumped midway by a company. The government-appointed new board for Satyam Computer Services has declared that the fraud-hit IT bellwether will have a new audit firm to restate the books of accounts.
Don't rely on our Satyam audit: PricewaterhouseCoopersJanuary 13th, 2009 NEW DELHI - In a curious twist to the Satyam Computer Services fraud, its erstwhile auditors PricewaterhouseCoopers have said their opinion on the financials of the beleaguered company may be rendered 'inaccurate and unreliable'. In a letter to the new board of Satyam, the audit firm said the statement by the former chairman of the company B.
Satyam internal audit scope to be agreed upon: Brahmayya & CoJanuary 16th, 2009 CHENNAI - The government-appointed board of Satyam Computer Services Limited will have to define the scope of work for the city-based Brahmayya & Co that has been appointed as the beleaguered IT bellweather's internal auditor, an official of the accounting firm said Saturday. 'We were sounded out about the assignment by the authorities and we gave our consent.
Don't rely on our Satyam audit, says PricewaterhouseCoopersJanuary 13th, 2009 NEW DELHI - In a curious twist to the Satyam Computer Services fraud, its erstwhile auditors PricewaterhouseCoopers (PwC) have said their opinion on the financials of the beleaguered company may be rendered 'inaccurate and unreliable', even as the newly appointed three-member board Wednesday appointed Deloitte and KPMG as the new joint auditors. In a letter to the board of Satyam, PwC said the statement by the former chairman of the company B.
Post-Satyam scam, PWC India to set up advisory boardMarch 5th, 2009 CHENNAI - Global audit firm PricewaterhouseCoopers (PwC) is cleaning up its Indian stables in the wake of the accounting scandal in Satyam Computer Services. According to a statement by the firm, an advisory board is being set up to provide guidance to the PwC leadership on its strategy and actions.
Foreign audit firms not to probe PwC: Satyam directorJanuary 14th, 2009 CHENNAI - The audit firms appointed to restate the account books of scam-tainted Satyam Computer Services will not investigate the role of PricewaterhouseCoopers (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 statutory auditors,' T.N.
Quick prima facie case against the Rajus must: AuditorsJanuary 9th, 2009 CHENNAI - If justice has to prevail, the government should establish a prima facie case against Satyam Computer's former chairman B. Ramalinga Raju and his brother B.
India Inc demands stricter norms following Satyam scandalJanuary 6th, 2009 NEW DELHI - Shocked by the revelations of Satyam co-founder and chairman B. Ramalinga Raju that the software services firm had overstated profits and hidden liabilities in a Rs.40-billion scandal, leading industry lobbies called for stricter corporate governance norms.
Now, anti-fraud cell to quiz Satyam Rajus SaturdayFebruary 12th, 2009 HYDERABAD - The Serious Fraud Investigation Office (SFIO) has been permitted by a court here to interrogate Satyam Computer's disgraced founder B. Ramalinga Raju, his brother B.
Experts say FAA security system is vulnerableMay 6th, 2009 Audit: air traffic systems vulnerable to attackWASHINGTON — The nation's air traffic control systems are vulnerable to cyber attacks, and support systems have been breached in recent months allowing hackers access to personnel records and network servers, according to a government audit. The Transportation Department's inspector general concluded that although most of the attacks disrupted only support systems, they could spread to the operational systems that control communications, surveillance and flight information used to separate aircraft.
'Satyam's auditors can't hide under confidentiality clause'January 9th, 2009 CHENNAI - Auditing firm PricewaterhouseCoopers (PwC), which had certified the accounts of Satyam Computer Services as 'true and fair', is bound to disclose all facts and cannot hide under the client confidentiality clause, an auditing sector official said Saturday. 'The confession of accounting fraud of a huge magnitude is an extraordinary situation.
Now, anti-fraud cell to quiz Satyam Rajus SaturdayFebruary 12th, 2009 HYDERABAD - The Serious Fraud Investigation Office (SFIO) has been permitted by a court here to interrogate Satyam Computer's disgraced founder B. Ramalinga Raju, his brother B.
KPMG to help businesses adopt global accounting normsFebruary 3rd, 2009 NEW DELHI - With corporate governance and accounting norms coming under the scanner following the $1.43-billion Satyam scam, global consultancy and accounting major KPMG Wednesday announced the launch of an initiative to help Indian businesses conform to international accounting standards. KPMG's initiative - a web-based platform called the International Financial Reporting Standards (IFRS) Institute - is designed to assist various stakeholders in the planned convergence from Indian Generally Accepted Accounting Principles (GAAP) to IFRS.
Satyam to be probed by Serious Fraud Investigation OfficeJanuary 12th, 2009 NEW DELHI - The Indian government Tuesday ordered a probe into the affairs of beleaguered Satyam Computer Systems by the Serious Fraud Investigation Office and asked it to submit its report within three months. The order for the probe came immediately after the Registrar of Companies, which conducted a preliminary inquiry into the state of accounts of Satyam Computer Services, submitted his report to the ministry of corporate affairs.
I suspected that something is going wrong, says Satyam's former CFOJanuary 11th, 2009 HYDERABAD - Giving a new twist to the massive fraud in Satyam Computer Services, its former chief financial officer Vadlamani Srinivas denied any role in the scam and claimed that he had suspected that something was wrong. In his confessional statement before the Crime Investigation Department (CID), Srinivas claimed that former chairman B.
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