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24 Feb 2009
Indian companies have started asking auditors for detailed presentations of accounts they have already signed off, in the wake of the Satyam fraud.
Nervous businesses are looking for reassurance that verified accounts hold no nasty surprises after the alleged $1bn (£700m) fraud at the Indian IT outsourcing giant, which had already had its accounts approved by PricewaterhouseCoopers.
The move by management to delve back into the books has so far been restricted to a few Indian companies, but the practice is spreading, according to Telegraph India.
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I have to say the signature of PWC of India and all Indian audit companies is meaningless. You have the farce that is taking place now that the company SATYAM is being sold without any accounts for the alst 6 years if the Indian media is to be believed. The audits just confirm the corrupt practices of the Indian way of business from private to the public sector of a country that has many laws and statements of practice but does not prosecute or enforce.
Which court and when will the Indian court sit and hear the fraud that has taken place. Who is investigating the fraud, to date three different entities are "investigating the matter". The prospect is the case will be heard in approximately 5 years and by then they can go home happy that everything is fine.
How can a company be profitable with 1Billion pounds stolen, that they estimate at the moment.
Posted by: Tom Puluczek, 26 Feb 2009 | 00:00