sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 New direct tax code may have to wait until 2019
 How to use your Form 16
 Which ITR form applies to you for financial year 2017-18?
 Income tax returns filing form-2 released; should you use it? Find out
  Are you planning to file ITR 1 form? here's how to do it Income Tax Return (ITR) filing
 30 LPA-Opening Financial Controller
 ITR form 2 in java release by CBDT for return filing by individuals
 How to file your income tax return using ITR Form-1 Income Tax efiling for AY 2018-19

CBI gives clean chit to PricewaterhouseCoopers
December, 07th 2009

The Central Bureau of Investigation (CBI), which is probing the multi-crore Satyam accounting fraud, has given a clean chit to PricewaterhouseCoopers (PwC), the firms erstwhile statutory auditors.

The CBI, in its supplementary chargesheet filed on November 24 at the XIV Additional Chief Metropolitan Magistrate Court, revealed that the auditors S Gopalkrishnan and Srinivas Talluri, were employees of Lovelock & Lewes (L&L) and that the remuneration, which Satyam paid to the auditors, reached the accounts of L&L instead of PwC, which was appointed as the statutory auditor in 2001.

The actual statutory audit of Satyam was in fact conducted by a firm called L&L and not by PwC, who was appointed by the investors during the AGM, said the CBI in its supplementary report, a copy of which is available with Express. It added that the audit team members who assisted Gopalakrishnan and Srinivas were employees of L&L and not that of PwC and thereby steering clear of PwCs role in the entire scam.

It must be noted that PwC acquired L&L almost a decade ago. However, technically, L&L operated as a PwC network firm in India and hence L&L partners werent allowed to sign anything on behalf of PwC.

Earlier in June 2009, Ramesh Rajan, Chairman and CEO, PwC India, too informed CBI regarding the acquisition made by PwC and that partners of L&L werent authorised to sign on behalf of PwC.

In January 2009, both Gopalakrishnan and Srinivas were arrested on charges of alleged involvement in fudging the books of accounts of Satyam. Subsequently, the Institute of Chartered Accountants of India, regulatory body of accountants, removed membership of Gopalakrishnan from all the eleven non-standing committees. Auditing firms Deloitte and KPMG are currently restating the books or accounts and likely to complete the process by July 2010.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions