Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: VAT Audit :: TDS :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES
 
 
« News Headlines »
 How will the new provisions really work?
 How to save income tax? Best tips for young earners
 Forgot to verify your income tax return? Here's help
 Notification of Government e-Marketplace (GeM) under section 138 of the Income-tax Act
 Income tax returns can be filed even if you missed deadline
 What is the difference between a tax return and a tax refund?
 Improving tax compliance in India
 How to invest in the new LTCG tax regime
 5 Tips to help you save tax
 Why to file income tax return?
  Income Tax For Individuals – Assessment Year 2019–20

PwC auditors 'ignored' Satyam fraud for fees
April, 24th 2009

Two PricewaterhouseCoopers auditors were aware that accounts of Satyam, the IT outsourcer at the centre of Indias biggest corporate fraud, were being misstated but signed them off in return for an exorbitant audit fee, Indian investigators have alleged.

The Central Bureau of Investigation (CBI), which looks into Indias most serious and complex crimes, has filed documents in a court in Hyderabad that outline what it alleges are the outlines of a scandal that has become known as Indias Enron.

Shares in Satyam plummeted in January when B. Ramalinga Raju, its founder, admitted fabricating cash and other nonexistent assets worth about 1 billion over at least seven years.

The CBI alleges that Mr Raju, two of his brothers and four other Satyam executives committed the fraud by forging more than 7,000 fake invoices and dozens of bogus bank statements to inflate Satyams earnings.

The auditors, S. Gopala Krishnan and Srinivas Talluri, who have been suspended from PriceWaterhouse, the Indian audit arm of PricewaterhouseCoopers (PwC), received certificates of deposit from Satyams banks that were in great variance with the figures provided by the companys management but signed off the fudged accounts anyway, the CBI claimed.

The bureau alleged that PriceWaterhouse received several times the market rate for the work that it carried out for Satyam.

Mr Krishnan and Mr Talluri are being held in prison in Hyderabad, along with the other accused.

A spokesman for PwC said: We are yet to engage with the partners on the contents of the charge sheet, and therefore we are not able to comment at this stage.

Since January furious investors have been demanding to know how PwC missed a systematic fraud that has severely dented confidence in Indias regulatory regimes.

The CBIs case may also have an impact on the potentially enormous legal liabilities to which Satyam is open, including a class-action lawsuit from US investors.

On April 13, Tech Mahindra, the IT group part-owned by BT, agreed to buy Satyam despite the full nature of the scandal remaining a mystery. The sale, conducted by auction and rushed through by the Indian Government, valued Satyam at about 670 million and will transform Tech Mahindra, in which BT holds a 31 per cent stake, into an outsourcing group employing about 75,000 people.

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

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