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Satyam accounts restatement to take at least six months: KPMG

Satyam accounts restatement to take at least six months: KPMG
PTI
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First Published: Wed, Feb 18 2009. 04 22 PM IST
Updated: Wed, Feb 18 2009. 04 22 PM IST
New Delhi: The restatement of accounts of Satyam could take more than six months, as the entire process is very complicated, according to audit firm KPMG, who, along with Deloitte, has been mandated for the job.
“It won’t take less than six months in my view...I cannot give an exact date,” KPMG chief operating officer in India Richard Rekhy told PTI on the sidelines of a seminar here.
The process involves very complicated sets of transactions, he said. He further added that no restatement of this nature globally has taken less a year.
“It is not a one-year account, you have to go back three, four years ...,” he added.
Last month, Satyam’s new board roped in KPMG and Deloitte to res-state its financials and prepare the third-quarter results, even as its previous book-keeper Price Waterhouse said its audit of the IT company’s accounts could be construed as “unreliable” in the wake of Ramalinga Raju’s admission of fraud.
A company official in Hyderabad said efforts were on to bring the fourth-quarter results in time but the challenge remains on the third-quarter results.
Satyam 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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First Published: Wed, Feb 18 2009. 04 22 PM IST
More Topics: Satyam | KPMG | Deloitte | Price Waterhouse | Hyderabad |