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PWC says Satyam audit opinions may be unreliable
January 14, 2009 / 7:52 AM / 9 years ago

PWC says Satyam audit opinions may be unreliable

MUMBAI, Jan 14 (Reuters) - PricewaterhouseCoopers, the previous auditors at Satyam Computer Services SATY.BO, said its opinions on the company’s financial statement may be rendered “inaccurate and unreliable”, given revelations of fraud by the founder of the outsourcuing firm.

The firm said Ramalinga Raju’s resignation letter, which included revelations of overstated profits, may have a material effect on the veracity of Satyam’s financial statements presented to it. It said it audited the firm from the quarter ended June 2000 to the quarter ended September 2008.

“Consequently, our opinions on the financial statements may be rendered inaccurate and unreliable,” the auditor said.

The Jan. 13 letter from Price Waterhouse to Satyam’s new board members and the company secretary was released by the stock exchange. (Reporting by Prashant Mehra)

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