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Satyam scam: Police arrest two top PwC officials

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Agencies

Posted: Jan 24, 2009 at 1648 hrs IST

Hyderabad The Andhra Pradesh police arrested two top officials of auditing firm Price Waterhouse who worked on the Satyam account, in connection with the financial fraud disclosed by the IT firm's founder Ramalinga Raju.

The state CID arrested PwC's Chief Relationship Partner S Gopalakrishnan and Engagement Leader Srinivas Taluri. The police had earlier questioned Gopalakrishnan.

Raju, his brother Rama Raju and Satyam's former CFO Vadlamani Srinivas are already in judicial custody awaiting charges to be filed in connection with the Rs 7,800 crore accounting fraud in the IT company.

PwC had said that its auditing of Satyam accounts may not be reliable given Raju's disclosure of falsifying profits.

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PWC -Auditor's Competence by arunnsubramanian on 25 Jan 2009

Even the well known auditor firm is not an exception to Indian corporate frauds to cook up balance sheets and cheat the people at large. PWC also party to the fraud (how much they enjoyed from Satyam in cash and kind should be investigated)Such high flying, well paid auditors should necessarily be punished and should not be allowed to audit any corporates in India. Banks who colluded with Satyam and the officers responsible also should be brought into the book.

they might bump ra.li.raju by duke on 25 Jan 2009

Satyam investigation is camafaluge.The biggest theives /main culprits is Y S R /sonaigress election comitee money has been diverted for lok sabha election AP is the only state they can steal from ,look at the big picture raju is the front man.Wake up people of AP. JAI HIND

Police arrest two top PwC officials by Pijush Chakraborty on 25 Jan 2009

I sincerely wish that Satyam episode works as an eye opener to all those agencies who patronize these multinational auditing firms blindly. Though Arthur Anderson (dubious Enron auditor) is a history now but other Big firms are still thriving mainly due to these agencies which make the corporate world to appoint them for assurance engagements. Not that other accounting firms can provide quality work. There are many standards in place. However the dubious nexus between the agencies and Big firms has enabled these Bigs to monopolize the accounting profession and they resort to all types of compromises behind the screen. A great service to the society in deed !!!!

Matter what by Jaffar on 24 Jan 2009

What actually it is about sir

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