Latest news on Satyam !!!!!!!!!

Page no : 7

Nidhi Jain (Research Analyst) (26 Points)
Replied 12 January 2009

This big fraud cannot happen without auditor's knowledge. They were paid three times fees of the normal charges. All are corrupt. If at all it is proved that auditor's were unaware of this fraud then it is better that concept of financial audit itself to be removed. Better we will accept what management gives, as it is. Atleast we will be alert, rather than believing the auditors.

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Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 12 January 2009

I THINK THE BEST SOLUTION IS THAT THE AUDITS OF LISTED COMPANIES BE ALLOTED BY CENTRAL GOVERNEMNT OR SEBI OR C & AG LIKE PSU AUDITS .....THIS WILL ENSURE INDEPENDENCE OF AUDITORS .

YOUR OPINION PLEASE

shailesh agarwal (professional accountant) (7642 Points)
Replied 12 January 2009

i fully agree with mr-ca-sampat jain

praveen (Chartered Accountant) (6971 Points)
Replied 12 January 2009

nice to be cool

dheeraj kr singh (article) (287 Points)
Replied 13 January 2009

gov appointed 3 directors for satayam

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dheeraj kr singh (article) (287 Points)
Replied 13 January 2009

thanks to mr. ved. it is very serious problem. this type of negligency all community of ca bad effect.

Rupesh Maheshwari (ACA, Dip. IFR (ACCA)) (6166 Points)
Replied 13 January 2009

sampat sir suggestion is a nice one

CA.Shaleen Srivastava (CA , CWA*, Bcom(H)) (2004 Points)
Replied 13 January 2009

The statement given by our honorable President is appreciable.Hey may say that the cash at satyam is artifical Mr. Raju has tried to escape from his involvement in embezzling the cash & bank balances. I think Mr. Raju has clearly taken cash to his other ventures with the diligent involvement of the auditors, banks & its core top management.

Rajesh.S (Student) (54 Points)
Replied 13 January 2009

This should not be a usual warning statement.

Prakash Popat (3134 Points)
Replied 14 January 2009

It's create Bad Image for INDIAINC.

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(Guest)

pwc should be blamed if guilty found

RAHUL JAIN (student) (74 Points)
Replied 14 January 2009

well i think to avoid other satyam, ICAI should amend AAS-1, AAS-2, AAS-4.

THE WORD INDEPENDENT SHOULD BE MORE CLEAR. AS PER AAS-2, THE AUDITOR STATEMENT IS JUST AN EXPRESION OF OPINION. THESE THINGS MAKE AUDITOR FEEL FREE AND IN THE COURSE OF IT THEY COMMIT MISTAKES. DONT YOU THINK SO.

shailesh agarwal (professional accountant) (7642 Points)
Replied 14 January 2009

KPMG, Deloitte appointed statutory auditors for Satyam

14 Jan 2009, 1138 hrs IST, ET Bureau

MUMBAI: Deloitte Haskins & Sells and KPMG, both part of the Big Four accounting firms, have been appointed as joint statutory auditors for

Satyam Computer Services.

The newly-constituted three member board of Satyam had earlier said that it would appoint new joint auditors to audit the accounts of Satyam, following the software company's former chairman B Ramalinga Raju's admission of having forged the books over the past seven years.

When contacted, both Deloitte and KPMG declined to comment on the issue. Sources in the Institute of Chartered Accountants of India, the apex body for accountants in the country, had earlier said that the new board had been wanting to appoint firms from the Big Four - Price Waterhouse, the earlier auditor of Satyam is also part of the Big Four - as the new auditor. Ernst & Young is the other firm in the four member premier league of global accounting firms.