PwC CEO meets Indian minister to discuss Satyam fraud probe

PwC CEO meets Indian minister to discuss Satyam fraud probe

Big Four firm under spotlight as Satyam auditor after $1bn accounting fraud by chairman of Indian outsourcing giant

PricewaterhouseCoopers’ global chief executive officer Samuel DiPiazza has
met India’s Union Minister for Corporate Affairs in relation to the Satyam
accounting fraud, the Business Standard reported.

‘It would be inappropriate to comment on a private meeting,’ PwC told
Business Standard in a statement.

The Serious Fraud Investigation Office (SFIO), a special agency within the
MCA, is investigating the Satyam case and the role played by external auditors
is one of the angles the agency is looking into, said the Business Standard.

It is expected to submit the report by April this year, it added.

Earlier this week PwC’s Indian audit head resigned, after two partners were
suspended in relation to the $1bn accounting fraud.

Thomas Mathew stepped down as PwC’s Indian audit head due to the issues
facing the firm and its staff over its work for Satyam, where its client’s
chairman admitted to a fraud. He will remain a partner, according to reports.

Further reading:

PwC
chief meets corporate affairs minister

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