This report come from India's IT Company ......be paid to the US Securitiehis and Exchange Commission.The fines relate to the
false reporting of over $1 billion in profits at Satyam,which was once one of
India's largest independent outsourcing companies and is now part of former
rival Tech Mahindra. Satyam's then chairman Ramalinga Raju admitted to the fraud in 2009, after Satyam had created false invoices and bankstatements to nearly double the value of its assets over a five year period.PwC's
India branch had not independently checked cash balances in Satyam bank accounts,
the SEC said. By settling the charges, the companies have not admitted or
denied the allegations.
In a statement, PwC said US regulators had not found "that PW India or any of its professionals engaged in any intentional wrongdoingor was otherwise involved in the fraud perpetrated by Satyam management". But the SEC said: "PW India violated its most fundamental duty as a public watchdog by failing to comply with some of the most elementary auditing standards and procedures in conducting the Satyam audits."Indian authorities have also filed criminal charges against several former company executives, including Raju.Satyam, besides agreeing to pay the $10 million penalty, has also agreed to train company officers and employees concerning securities laws and accounting principles, and improve its internal audit functions.
Satyam also agreed to hire an independent consultant to evaluate the internal controls the company is putting in place, SEC said.The settlement with the SEC will help Satyam relist on the New York Stock Exchange, after it is done with restating its accounts in accordance with US accounting rules. It expected to restate the figures in about eight months.
In a statement, PwC said US regulators had not found "that PW India or any of its professionals engaged in any intentional wrongdoingor was otherwise involved in the fraud perpetrated by Satyam management". But the SEC said: "PW India violated its most fundamental duty as a public watchdog by failing to comply with some of the most elementary auditing standards and procedures in conducting the Satyam audits."Indian authorities have also filed criminal charges against several former company executives, including Raju.Satyam, besides agreeing to pay the $10 million penalty, has also agreed to train company officers and employees concerning securities laws and accounting principles, and improve its internal audit functions.
Satyam also agreed to hire an independent consultant to evaluate the internal controls the company is putting in place, SEC said.The settlement with the SEC will help Satyam relist on the New York Stock Exchange, after it is done with restating its accounts in accordance with US accounting rules. It expected to restate the figures in about eight months.
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