sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
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
Latest Expert Exchange
« Auditing »
 Supreme Court puts the spotlight on audit firms
 Auditing to be less of a burden as accountants embrace AI
 CAG's report on GST will be totally paperless
 Time Limit For Completion Of Assessment From The Date Of Special Auditor’s Report Under Income Tax Act, 1961
 Provisioning pertaining to Fraud Accounts
 Tax Audit Report (TAR) Certain exceptions and increased limits according to number of partners and considering nature of activity are desirable
 Cost Auditing Standards [ Cost Audit Documentation (102)] – Part-II
 Conference on Companies Act gets under way
 New bureau to dissolve state-run banks' power to choose auditors
 Foreign Exchange Management (Permissible Capital Account Transactions) (Fourth Amendment) Regulations, 2015
 ICAI forms 'prima facie' view on NSEL auditor

Amateurish forgery in Satyam books: Auditors
April, 10th 2009

KPMG and Deloitte, auditors appointed to restate the financials of the fraud-hit Satyam Computer Systems, have found instances of amateurish forgery in the account books of the IT firm that should have been easily detected by PriceWaterhouse (PW).

These amateurish forgeries with regard to bank confirmation letters on Satyams fixed deposit receipts have come to light as the auditors began their forensic audit recently.

This coincides with the ICAIs flip-flop over PWs role in the Satyam fraud and the CBI filing charge sheet against nine, including two jailed PW auditors.

A forensic investigator told Financial Chronicle, While scrutinising various Satyam papers, we were surprised to find such instances of amateurish forgery there were spelling mistakes, address not properly mentioned, common procedures not followed. There were ample opportunities to detect them.

This investigator, requesting anonymity, said, In some of the forged documents, even the name of the auditor was wrongly or incorrectly spelt, there were discrepancies in addresses. There were instances where forged confirmation statements from as many as five banks on Satyam FD receipts were not sent to the auditors directly.

He said KPMG and Deloitte would now get into the details of the Maytas deal with all facts and figures.

In this case also, the two firms will be applying tools of forensic audit to get to the truth. True, the whole process is taking some time but this is being done only to ensure that no questions are raised afterwards, he said.

Meanwhile, Price Waterhouse stuck to their stand that their partners engaged in the Satyam audit had been victims of the fraud and expressed surprise and disappointment over the CBI charge sheet against these two partners.

Price Waterhouse India is surprised and disappointed that the Central Bureau of Investigation has pressed charges against the two partners who worked on the audit of Satyams financial statements, a statement from the firm said.

Precise information on the specific charges against the two partners is awaited. it added.
The ICAI has very recently publicly confirmed that Satyams former CFO has made it clear to them that neither partner had anything to do with the fraud at Satyam.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

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