Satyam fires its auditor, Price-Waterhouse
February 23rd, 2009 under Outsource IT
In a brow-furrowing turn of events, troubled outsourcer Satyam has asked the government to allow it to dismiss its auditor Price-Waterhouse and the government has given permission. Price-Waterhouse had been checking on Satyam for over eight years, but stepped aside recently when asked to do so by the new government appointed board of Satyam, which got into trouble for book-cooking and false profit inflation. The problem is that because the fraud went on for so long without detection, PW is now coming under scrutiny on the chance that it had some kind of role in the fraud. In fact, to date, two Price-Waterhouse staffers have been arrested, according to information published in the International Business Times. Meanwhile, according to the report, life goes on for Satyam. “Satyam’s government-appointed board said it had bagged fresh purchase orders and work extensions to the tune of $250 million since January 7, including a single order of $50 million,” the report states.
