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14 Jan 2009
Documents understood to relate to the audit of Satyam, the troubled Indian outsourcing giant, have been handed to police by auditors PricewaterhouseCoopers after a visit to the firm's offices in Hyderabad.
The Satyam scandal emerged last week when its chairman, B. Ramalinga Raju, admitted that a massive accounting fraud thought to be valued at more than $1bn had taken place at the company.
PwC denied reports that the police visit constituted a raid. A spokesman said yesterday the police requested entry yesterday and were invited in.
The documents were handed over also on the request of police.
It also emerged that PwC in India is unclear whether it will retain the audit of Satyam. The firm has stood by its work but statements from the new government-appointed board at the computer company suggested 'independent accountants' were being sought.
PwC declined to comment yesterday but it is understood the firm remains unclear whether this new appointment, expected to take place in the next couple of days, will be for the audit or to take a forensic role looking at the accounts. Sources suggested the appointment of a new auditor would have to take place at an annual general meeting, not just at a board meeting.
PwC International is closely monitoring the development of the Satyam debacle and some reports claim chief executive Sam DiPiazza is in India to personally oversee any action that might be required by the firm's network umbrella body.
The engagement partner on the most recent Satyam audit was Srinivas Talluri.
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