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ICAI submits interim report on Satyam scam
February, 12th 2009

The high power committee of the Institute of Chartered Accountants of India (ICAI) on Wednesday submitted its interim report on the financial scam of Satyam Computer Services.

ICAI said the report is interim in nature since restatement of accounts of Satyam is in progress and is expected to take another two months to complete. ICAI is scheduled to hold a press conference later to give more details on the interim report.

The new Satyam board had appointed KPMG and Deloitte to restate the accounts after Satyam's founder and former chairman B. Ramalinga Raju admitted on Jan 7 of falsifying the accounts. "Satyam has clients in 66 locations and the accounts pertains to several years" ICAI said. "only after the restated figures are available, duely certified by an auditor, it will be possible to asses the total impact."

Satyam auditors Price Waterhouse, are also being probed for their alleged role in the financial scam. However, the restated accounts will have to be audited by Price Waterhouse
, as it continues to be the statutory auditors of Satyam. ICAI also said it is enquiring form the auditors as to the reasons for the differences in the various figures of Satyam's accounts.

During discussions with various regulators and other parties, it has come to light that a number of institutions sold off their holding during the past one month. One institution sold 2.45 crore shares of Satyam between December 23, 2008 and January 5, 2009.

These shares were pledged with the institutions by various companies belonging to the Raju family. " We look at it as a grave matter and the same needs to be further examined," the ICAI report said.

The audit firm Price Waterhouse has sent audit reports and other documents which were asked from them and the same have been examined. Before expressing an opinion, it will be necessary to see the re-stated figure, the ICAI report added.

The institute is examining the association of partners of the audit firm with other firms, usage of the same premises as head office of Price Waterhouse and branch office of other firms and allegations as to usage of common pan numbers by several firms, the report said.

ICAI president Uttam Prakash Agarwal on Wednesday said the institute was close to appointing an Indian audit firm to certify restated accounts of Satyam Computers Services. "

We are looking at 5-6 Indian firms and will select from amongst them," " he told reporters at a press conference here. ICAI will submit the final report within two months, he said.

He also reiterated that Price Waterhouse, the statutory auditors for Satyam, can not certify the restated accounts as its role is also being probed in the Satyam financial fraud. A change in statutiry auditors can be done only by shareholders at a general meeting.

 
 
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