Police probe Satyam over $1bn blackhole
Indian police have begun an investigation into Satyam following the resignation of its chairman and founder B Ramalinga Raju and his apparent confession to accounting fraud. Raju stepped down on Wednesday, sending the board an extraordinary resignation letter admitting to years of puffing the figures at the services giant he …
Fff
Indian police are on the case eh?
I guess it'll "all be ok in 5 minutes" then.
Do the needful!
<Go audit my title>
The question surely has to be with a huge fraud like this - how come the auditors signed off the accounts year after year as "True & Fair". I could understand the Madoff situation where there was some piss-ant little audit firm - but seriously, PriceWaterhouseCoopers should be barred from taking on additional audit clients. They're supposedly one of the big 4 Accountancy & Audit firms in the world, and god knows how much of the FTSE 100 financial statements are supposed to OK'ed by them, just as Satyams were OK'ed.... Talk about bad timing for denting faith in the stock market.
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