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
News Headlines »
  Order under section 119 of the Income-tax Act, 1961
  Things to keep in mind while filing ITR
 Here's how the new Form 16 will change income tax return filing this year
 Things you must keep in mind while filing income tax returns this year
 Five tax saving investments with tax-free income Double income tax benefits in 2019
 Companies (Incorporation) Fifth Amendment Rules, 2019
 Filing Income Tax Return? Here is list of important documents
 Who should and should not file ITR form 4 Income Tax Return (ITR) filing
 Securities and Exchange Board of India (Alternative Investment Funds) (Amendment) Regulations, 2019
 All You Need To Know About Form 16 And Its Role In ITR Filing
 Documents required for filing ITR

Satyam audit reports may be deemed unreliable: PwC
January, 15th 2009

Price Waterhouse, auditors of Satyam for over eight years, has informed the scam-ridden IT firm's new board that its audit of the company's financials could be "inaccurate and unreliable" in view of the financial irregularities disclosed by Ramalinga Raju.

Noting that it has been auditing Satyam Computer since the quarter ended June 2000 till September 2008, Price Waterhouse said that all those financial statements were prepared by the management.

It further said that it relied "on management controls over financial reporting, and the information and explanations provided by the management, as also the verbal and written representations made to us during the course of our audits."

Satyam as well as PwC are the subject of regulatory and government investigation into the country's biggest corporate fraud - involving Rs 7,800 crore - disclosed by Satyam founder Ramalinga Raju. Raju, his brother Rama Raju and Satyam CFO Vadlamani Srinivas are in judicial custody now.

"We hope to work with the company and provide assistance to the new board of directors to address any issues that arise in the course of such investigations to enable both the company and us as your statutory auditors to fulfil obligations under applicable law."

Copies of the letter, dated January 13, were also sent to RoC Hyderabad, SEBI, RBI, Central Board of Direct Taxes, BSE, NSE and NYSE.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

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