Satyam, the troubled Indian outsourcing business, has said it will name a new
auditor within the next two days, according to reports.
The Wall Street Journal reports that the Satyam board has said it is
looking for an alternative auditor to the incumbents PwC.
The change comes after the company’s chairman, B. Ramalinga Raju, last week
resigned and admitted a massive accounting fraud thought to be worth more than
$1bn had taken place at the business.
The affair has been described as India’s own Enron.
The WSJ this morning quotes company director Deepak Parekh saying
that new accountants are expected to restate the accounts and confirm their
PwC has defended its audit of Satyam saying it was conducted according to
‘applicable auditing standards’ supported by ‘appropriate audit evidence’.
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
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Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges