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KPMG won't do auditing for Satyam
January, 16th 2009

KPMG on Thursday said it will not do any auditing work for Satyam, hours after ICAI cried foul over appointment of the company by new
board of Satyam.

ICAI president Ved Jain reacted angrily to reports over appointment of KPMG to look into accounts of Satyam. "KPMG is not registered with us and cannot practice in India," Jain said. Quoting absence of any reciprocal arrangement, he said as Indian auditing firms are not recognised to take up work abroad, India also does not give recognition to foreign firms for doing auditing work in the country. But Deloitte was registered and thus free to do auditing, Jain added.

However, KPMG officials said they would not be doing any auditing work for Satyam. "Ours is more of an advisory role in putting the financials together," a senior company official told ToI.

 
 
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