BusinessBusiness Recovery‘Indian Enron’ could spell trouble for PwC

'Indian Enron' could spell trouble for PwC

PricewaterhouseCoopers to find out this week whether it will lose the audit of troubled Indian outsourcing giant Satyam

B. Ramalinga Raju

B. Ramalinga Raju

Satyam has been described as India’s Enron after the admission last week by
its chairman, B. Ramalinga Raju, that an accounting fraud worth more than $1bn
had taken place at the computer services company.

A statement issued yesterday, after the first meeting of a new government-
appointment board, said an ‘independent accountant’ would be appointed in the
next two days to restate the accounts and announce Q3 results.

PwC declined to comment but it is understood the firm is still unclear
whether it will lose the Satyam audit because the auditor would need to be
replaced at an annual general meeting. It remains possible that the board is
looking for an independent firm to act as forensic accountants rather than
auditor. Police officers have also met with PwC staff at their offices in
Hyderabad. The firm has complied with requests to supply documents believed to
relate to the audit.

Related Articles

PwC must face MF Global lawsuit over accounting advice

Accounting Firms PwC must face MF Global lawsuit over accounting advice

1y Richard Crump, Writer
PwC’s business recovery services team appoints four new partners

Accounting Firms PwC’s business recovery services team appoints four new partners

1y Richard Crump, Writer
MPs call on FRC to widen BHS audit probe into PwC

Accounting Firms MPs call on FRC to widen BHS audit probe into PwC

1y Richard Crump, Writer
FRC investigation launched into PwC's BHS audit

Audit FRC investigation launched into PwC's BHS audit

1y Kevin Reed, Writer
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
Take part in our 'Seven days in Accountancy' quiz

Accounting Firms Take part in our 'Seven days in Accountancy' quiz

2y Fraser Simpson, Reporter
New consortium enters fray to buy BHS empire

Accounting Firms New consortium enters fray to buy BHS empire

2y Chris Warmoll, Writer
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

2y Chris Warmoll, Writer