Deloitte, KPMG are new joint auditors for Satyam
January 14th, 2009 - 2:26 pm ICT by IANS
New Delhi, Jan 14 (IANS) The newly appointed three-member board of fraud-hit Satyam Computer Services Wednesday appointed Deloitte and KPMG as the new joint auditors for the company in place of PricewaterhouseCoopers.The development was confirmed by Deepak Parekh, one of the board members of the beleaguered firm, which is going through turbulent times following the admission of a Rs.70 billion ($1.43 billion) fraud by its founder and former chairman B. Ramalinga Raju.
The board comprises Parekh, chairman of Housing Development Finance Corp (HDFC), Kiran Karnik, former president of the National Association of Software and Service Companies, and C. Achuthan, former member of the Securities and Exchange Board of India (SEBI), the markets watchdog.
KMPG and Deloitte, along with PricewaterhouseCoopers and Ernst and Young, form the big four of global audit firms.
The inability of PricewaterhouseCoopers in detecting the major scam came under scrutiny with state investigation agencies Tuesday conducting a raid on its premises at the upscale Jubilee Hills in Hyderabad, also the headquarters of Satyam.
The markets regulator is also probing the role of the former auditors in the scam. A team of SEBI officials had also checked the records of the firm in Hyderabad last week.
- Don't rely on our Satyam audit, says PricewaterhouseCoopers (Roundup) - Jan 14, 2009
- Don't rely on our Satyam audit: PricewaterhouseCoopers - Jan 14, 2009
- New auditors not to probe PwC: Satyam director - Jan 15, 2009
- Foreign audit firms not to probe PwC: Satyam director (Lead, Superseding earlier story) - Jan 15, 2009
- Satyam to pay $10mn to US regulator to settle fraud charges - Apr 06, 2011
- $10m US settlement in firm's interest, says Mahindra Satyam - Apr 06, 2011
- Infosys mentor Murthy bats for new Satyam board - Jan 15, 2009
- Satyam board to meet on January 17: Deepak Parekh - Jan 15, 2009
- Satyam, PWC units to pay penalties for accounting frauds - Apr 06, 2011
- Timeline of events surrounding Satyam Computer - Apr 13, 2009
- New Satyam board meets, to get new accounting firm - Jan 12, 2009
- Tarun Das among three new directors on Satyam board (Roundup) - Jan 15, 2009
- Two Pricewaterhouse Coopers officials arrested in Satyam fraud case - Jan 25, 2009
- Process begins to resurrect fraud-hit Satyam (Roundup) - Jan 12, 2009
- Satyam hunts for CEO, PM briefed on developments (Intro Roundup) - Jan 13, 2009
Tags: audit firms, deloitte, development finance, exchange board, former president, global audit, hdfc, housing development, hyderabad, investigation agencies, jubilee hills, kmpg, kpmg, member board, pricewaterhousecoopers, ramalinga, sebi, securities and exchange board of india, state investigation, turbulent times
