Satyam internal audit scope to be agreed upon: Brahmayya & CoJanuary 18th, 2009 - 12:26 am ICT by IANS
Chennai, Jan 17 (IANS) The government-appointed board of Satyam Computer Services Limited will have to define the scope of work for the city-based Brahmayya & Co that has been appointed as the beleaguered IT bellweather’s internal auditor, an official of the accounting firm said Saturday. “We were sounded out about the assignment by the authorities and we gave our consent. We will have to sit with the Satyam Computer board and discuss and finalise the scope of the internal audit,” a senior official of the firm told IANS, preferring anonymity.
The 76-year-old audit firm is one of the oldest and largest in southern India and audits the accounts of several big corporates. The firm has 24 partners, around 400 employees and nine offices. It is affiliated to Britain’s Morison accounting firm.
According to a chartered accountant, the Satyam Computer assignment will be a challenging one, given the magnitude of the Rs.70 billion fraud.
Further, the newly appointed internal auditors might also look at the systems earlier followed by Satyam Computer.
Some days ago, Satyam Computer had appointed KPMG and Deloitte Touche Tohmatsu to restate its accounts after its former chairman B.Ramalinga Raju confessed to the massive fraud.
While Indian audit firms were disappointed at the appointment of foreign accounting firms, the selection of Brahmayya & Co as the internal auditors has given them some solace.