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Price Waterhouse says Bangalore unit audited Satyam

Price Waterhouse says Bangalore unit audited Satyam
PTI
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First Published: Wed, Jul 01 2009. 03 10 PM IST
Updated: Wed, Jul 01 2009. 03 10 PM IST
New Delhi: Price Waterhouse on Wednesday said its Bangalore unit audited the accounts of scam-hit Satyam Computer Services and was now cooperating in a probe by market regulator Securities and Exchange Board of India (Sebi), thus quashing reports that it was distancing itself from the multi-crore accounting fraud.
“Satyam Computer Services was audited by Price Waterhouse Bangalore,” the global auditing firm said in an email to PTI.
There were media reports that accounts of scam-tainted Satyam were not audited by Price Waterhouse but by another firm Lovelock & Lewis on its behalf. It was also pointed out that Price Waterhouse might come out clean, while Lovelock Lewis might face the charges in the case.
However, without distancing itself from whole Satyam episode, the global consultancy firm said, “We have been engaged in discussions with Sebi ... and continue to cooperate with its ongoing inquiry.”
When asked if there were any proposals from the regulator to ban the firm from auditing listed Indian companies it said that at this juncture, we are not aware that Sebi has reached any conclusions with respect to investigation into Satyam.
Price Waterhouse, whose partners Srinivas Talluri and S Gopalakrishnan audited Satyam Computer have been alleged of irregularity in their auditing.
The market regulator had earlier sought permission to quiz and record the statements of Satyam Computer former CFO Vadlamani Srinivas, and sacked executives of PwC.
Satyam Computer, the country’s leading IT firm landed into trouble in January after its founder Ramalinga Raju admitted to fudging the accounts of the company.
Later, Tech Mahindra acquired a majority stake in the IT firm and renamed it as Mahindra Satyam.
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First Published: Wed, Jul 01 2009. 03 10 PM IST