Satyam Computer Services

The good news on Satyam

January 27, 2009 General

While there is still plenty more to discover re: Satyam there is at least one good thing to come out of it. From coverage I am seeing in the mainstream, the crusty and sometimes arcane world of audit is getting long needed attention. I know it’s good sport to put accountants to the sword, a [...]

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Pricewaterhouse finally acts on Satyam

January 27, 2009 Featured

CXO Today is reporting that Pricewaterhouse India has finally acted on the errant partners from its Hyderabad office: Former Satyam auditors – PriceWaterhouseCoopers (PWC) have said that S. Gopalkrishnan and Srinivas Talluri have been suspended of all their duties and functions as PWC partners till the investigation into the Satyam scam is completed. I’m surprised [...]

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PwC took bribes?

January 26, 2009 Featured

Reports coming out of India suggest that at least two PwC partners took bribes as part of the Satyam fiasco: According to Crime Investigation Department (CID) sources, Satyam founder B Ramalinga Raju and former chief financial officer (CFO) Vadlamani Srinivas confessed that the auditors of PwC were aware of the fraud and very much involved [...]

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Satyam: Indian government disbands board

January 9, 2009 General

Image by World Economic Forum via Flickr There’s an old saying: ‘where there’s a will, there’s a way’ and that is certainly true in India. Earlier today, the Indian government stepped into the troubled company and disbanded the entire board of directors. Here is the government press release as reported in The Economic Times: Following [...]

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Innovation in audit oversight

January 8, 2009 Innovation

I bet you never thought you’d see that as a headline. Neither did I but then Joe Weisenthal’s ‘Nuke the SEC’ post I started to think differently. Let’s start with Joe’s assertions: First, we nuke the SEC. This isn’t really that radical. There’s precious little evidence that it does what it purports to — namely, [...]

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The Satyam train wreck

January 7, 2009 General

Until today, I’m betting most professionals hadn’t heard of Satyam, despite they’re India’s fourth largest outsourcer. All that changed when chairman and founder B Ramalinga Raju sent a letter to the Indian stock exchange and shareholders holding his hands up to a massive fraud that includes $1 billion in fictious cash assets. When I first [...]

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