Reproduction of Satyam's audit report (changed for readers) In our opinion and to the best of our information and according to the explanations given to us, the said financial statements together with the notes thereon and attached thereto give in the prescribed manner the information required by the Act and give a Satya(m) and fair view in conformity with the accounting principles generally accepted in Raju`s land ( not in India)
(i) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2008; excepting for cash balances which have been overstated by Rs. 5000 crores, based on explanations and informations given by the management, the corresponding credit has been shown as a loan payable to Maytas or the offset could be in reserves and surplus, (ii) in the case of the Profit and Loss Account, of the profit for the year ended on that date; excepting for only excel based workings given on interest accrued of Rs. 376 crores on the above cash balances and no confirmations or orders were found for revenues invoiced of Rs. 500 crores resulting in higher debtors however the resulting higher profits have been offset by taxes booked against the same , (iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date excepting for grossing up the financing activities where the offset to the cash balances of Rs. 5000 crores were shown as loans received.
Sgd Srinivas Talluri April 21, 2008
CAclubindia
