India's tax department gives Audit notice to Satyam India's tax department gives Audit notice to Satyam Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

« Auditing »

Open DEMAT Account in 24 hrs
NFRA issues Draft Procedure for Submission of Audit Files
Auditors barred from putting a value on companies they are auditing
Standard on Internal Audit (SIA) 18, Related Parties
Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
Standard on Internal Audit (SIA) 16, Using the Work of an Expert
Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
Standard on Internal Audit (SIA) 13, Enterprise Risk Management
Standard on Internal Audit (SIA) 12, Internal Control Evaluation
Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
Standard on Internal Audit (SIA) 9, Communication with Management
Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement


« Panel chief: BBMP ignored audit objections...	Government mandates cost audits for over 100 companies... »
India's tax department gives Audit notice to Satyam

December, 28th 2010
Satyam Computer Services Ltd. said Tuesday it has received a letter from India's tax department requesting it to get its accounts audited for the tax assessment years of 2002-2003 and 2007-2008. No further details were provided in Satyam's filing to the local exchanges. The move is likely to be a precursor to a demand for the fraud-hit company to pay up taxes. In November, Satyam said the department was seeking tax amounting to 5.03 billion rupees ($111.5 million) for the five-year period between the financial year 2003 and 2008. At the time, Satyam said it had filed a petition with the Central Board of Direct Taxes asking it to stay the tax collection. Satyam, one of India's largest IT companies, was plunged into turmoil in January 2009 when its founder and then chairman, B. Ramalinga Raju, confessed to overstating profits for years, using a fictitious cash balance of more than $1 billion. The company in November reported quarterly results for the first time since July-September 2008.