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"We have decided to appoint Deloitte and KPMG to assist the board in the restatement of financial statements of Satyam," Satyam board member C Achuthan said in Mumbai.
Both accounting firms have been asked to 'restate' the accounts of India's fourth largest IT company, "as quickly as possible", Achuthan said.
The appointment comes amid investigation into Satyam's accounts and the role of Price Waterhouse in it.
Meanwhile, Price Waterhouse in a letter to the newly constituted board yesterday said that it would like to work with the company and "provide assistance to the new board of directors to address any issues that arise in the course of such investigations..."
PwC said its audit of the IT company's financials could be "inaccurate and unreliable" in view of the financial irregularities disclosed by Ramalinga Raju.
It had previously said that its audit on Satyam was supported by "appropriate audit evidence" and complied with "applicable standards."
KPMG and Deloitte, however, cannot be termed as auditors of Satyam as the appointment of an auditor can be done only after securing the company's shareholders' consent.
Agencies investigating the Satyam fiasco conducted raids at the PwC's Hyderabad office yesterday and are understood to have recovered several documents.
The Hyderabad-based IT giant plunged into a crisis after its former Chairman B Ramalinga Raju confessed to committing serious financial irregularities over several years and running into thousands of crores of rupees.
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ITS REALLY SAD THAT THE AUDIT ASIGNMENT HAS BEEN AGAIN GIVEN TO THESE GUYS. WE SHOULD AVOID THAT. THERE ARE EQULLY GOOD AUDIT FIRMS IN INDI A TO HANDLE THE JOB
Deloitte, KPMG, PWC are Indian Branches of foreign audit firms. All partners and employees are Indians. If fraud was committed, it was committed by Indians only. Don't blame foreigners for everything going wrong in India. We should have the guts to own up our mistakes.
Even the Brits ruled India only through Indian civil servants. MNCs are owned by foreign companies but run by Indians. IT does not mean that Indians have full control. They are only paid to do what their masters want them to do. Hence shut up your mouth and call Indians as cowards who do not have guts to own mistakes. Why should we have a foreign inspector for internal crimes. Will you allow FBI to investigate Indian crimes through their Indian employees, if any or allow the Chinese to do the same by recruiting Indians? Let the slave mentality and inferiority complex vanish and give way to our own mental independence and equality in complex.
It is really disgusting to find top indian companies and banks appointing foreign audit firms as auditors. Why no politician / policy makers protest these type of outsourcing ?
Can we have the list of companies audited by these two in the USA which collapsed due to neglefience, before they can be confirmed as auditors. THE whole world knows that the BIG4 firms are firms which market themselves and hence compromise on core values. Why can't Deepak Parekh find an Indian audit firm who can do a better work than these BIG4? What is the guarantee that these 2 will not do something which will protect the reputation of the foreign firms rather than find out the truth? Deepak Parekh has disappointed Indians by not appointing an Indian national firm to do this job. This mentality of foreigner is always right did Satyam investors in and Deepak Parekh is also doing the same. 100 years ago, poet Bharati asked when will the fad for whites vanish? Not until people like Deepak parekh are there. This is an insult to Indians. May be this Board also has a hidden agenda.