Exclusive: A peek into Satyam Q2 result audit meet
January, 20th 2009
The main focus of the audit meet prior to the announcement of result was to verify the results, take a presentation from the auditors, which in this case is PriceWaterhouse and take a presentation from Chief Financial Officer; Srinivas Vadlamani. The meeting happened early morning on October 17. It was headed by Rammohan Rao; the other members present were M Srinivasan, TR Prasad and VS Raju. An Independent Directors team was heading the entire audit committee and they had invitees which included Srinivas Vadlamani CFO and VSP Gupta - Global Head (Internal Audit) at PriceWaterhouse. Other members of PriceWaterhouse like S Gopalakrishnan, Srinivas Talluri, Ravindranath and R Srinivasa Sankar were also present.
CH Ravindranath was the one who made the presentation to the audit committee and covered accounting and auditing matters, audit approach etc. They also came out with certain statements saying that theyre audit was designed to obtain reasonable assurance that financial statements were fairly stated and there has been no disagreement with the management.
Thereafter, the PriceWaterhouse team was asked to leave and then the other management team came in, which was led by Ramalinga Raju, Ram Mynampati and Rama Raju.
Krishna Palepu who was an Independent Director joined them on a video phone. As part of the entire thing, Srinivas Vadlamani very clearly said that they have made a significant improvement on the margins. He also informed all present that the company has seen continued improvement in controlling attrition.
Krishna Palepu had made some significant statements. He said that performance were not reflected in share price and asked if the company was lacking on communication front to market.
TR Prasad advised the board to present the performance of the company versus BSE IT Index.