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To become statutory auditor for Mahindra Satyam
August, 31st 2009

Global audit firm Deloitte is in the race along-with a few other firms to become the statutory auditor for Mahindra Satyam (formerly Mahindra Satyam).

Deloitee is also the statutory auditor for Tech Mahindra, the IT arm of the Mahindra Group, which acquired Satyam three months ago. It was mandated along-with KPMG to re-state Satyams accounts, but opted out of the role due to a possible conflict of interest.

The board of Mahindra Satyam will meet on September 4 to select the statutory auditor, take stock of the current financials and the progress on forensic accounting, said T N Manoharan, government nominated board member of Mahindra Satyam and the former President of the Institute of Chartered Accountants of India (ICAI).

Satyams accounts are being re-stated over the past seven years as its defamed founder B Ramalinga Raju confessed to perpetrating a Rs 7,000 crore financial fraud. After the confession, Price Waterhouse, the firm that audited Satyams accounts for eight years or so, said its reports could not be relied upon.

Two auditors of Price Waterhouse were also charged of conniving with the founder in fudging Satyams books. The government nominated Satyam board removed Price Waterhouse as the statutory auditor.

Pune based Tech Mahindra acquired Satyam and the Mahindra Satyam board will now select a statutory auditor.

 
 
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