New Auditors for Satyam

CA.Madhavan (Chartered Accountant) (942 Points)

14 January 2009  

KPMG, Deloitte to assist Satyam in auditing

The newly-named three-member Board of Satyam Computer has appointed auditing firms KPMG and Deloitte to assist it in clearing the mess in the scam-tainted company's accounts.

"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 said.

Both accounting firms have been asked to 'restate' the accounts of India's fourth largest IT company, "as quickly as possible", Achuthan said.

The two firms, 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.

Sleuths investigating the Satyam fiasco on Tuesday conducted raids at the Hyderabad office of PriceWaterhouseCoopers, Satyam's auditing firm, and are understood to have recovered several crucial documents.

The Hyderabad-based IT giant plunged into a crisis after its former Chairman B Ramalinga Raju confessed to committing serious financial irregularities since 1998