Don’t rely on our Satyam audit, says PricewaterhouseCoopers

January 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.

March 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.

January 13th, 2009 NEW DELHI - The newly appointed three-member board of fraud-hit Satyam Computer Services Wednesday appointed Deloitte and KPMG as the new joint auditors for the company in place of PricewaterhouseCoopers. The development was confirmed by Deepak Parekh, one of the board members of the beleaguered firm, which is going through turbulent times following the admission of a Rs.70 billion ($1.43 billion) fraud by its founder and former chairman B.

January 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.

January 12th, 2009 HYDERABAD - Police Tuesday conducted a raid on the Hyderabad office of PricewaterhouseCoopers (PwC), the former auditor of Satyam Computer Services, as part of the probe into the Rs.70 billion fraud by the IT bellwether. Crime Investigation Department (CID) officials said a team raided the PwC office in the upmarket Jubilee Hills and seized documents and other records.

January 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.

January 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.

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.

January 23rd, 2009 HYDERABAD - Two officials of PricewaterhouseCoopers, the firm that audited fraud-hit Satyam Computer Services' books, were arrested Saturday for their alleged role in the irregularities. The Crime Investigation Department (CID) of the Andhra Pradesh police, probing the Rs.70 billion (Rs.7,000 crore/$1.43 billion) fraud in the IT bellwether, arrested chief relationship partner S.

January 11th, 2009 HYDERABAD - The members of the new board of the fraud-hit Satyam Computer Services have started getting pesky calls - from mediapersons, forcing them to request scribes not to call too often and allow the team to do its work. 'I must have got about 20 calls on my cell phone when the (board) meeting was on.

January 26th, 2009 HYDERABAD - PriceWaterhouse has suspended two of its employees for their alleged involvement in the fraud at Satyam Computer Services, the Indian arm of the global auditing firm said Tuesday. 'In light of recent allegations, chief relationship partner S.

January 6th, 2009 HYDERABAD - Satyam Computers founder-chairman B. Ramalinga Raju, who opened a Pandora's box Wednesday by revealing inaccuracies in his company's balance sheet to the tune of Rs.4,578 crore (Rs.40 billion or $823 million), has cleared board members of any knowledge of the happenings.

February 2nd, 2009 HYDERABAD - Two suspended PriceWaterhouse employees allegedly involved in the Satyam Computer Services fraud will be in the custody of the Andhra Pradesh police Wednesday and Thursday. S. Gopalakrishnan, who was chief relationship partner at PriceWaterhouse, and Srinivas Talluri, who was engagement leader, will be handed over to the Crime Investigation Department (CID) of police for interrogation for two days from Wednesday, a Hyderabad court ruled Tuesday.

January 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.

January 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.