Deloitte Opts Out of Satyam Assignment
Citing conflict of interest, global accounting firm Deloitte has opted out of its assignment to restate Satyam s account, according to sources who spoke with UTVi’s Arun Giri.
Satyam had awarded the work to two firms namely Deloitte and KPMG. Deloitte audits Mahindra and Mahindra accounts, and hence the conflict of interest.
KPMG will however continue with the restatement work, which is likely to take another four to six months.
Tech Mahindra successfully bidded Satyam Computer Systems April 2009. According to analyst, the opportunity is a win-win situation for both the companies, and will essentially enable Tech Mahindra to move up in software export rankings in the country, and diversify into software outsourcing.
At present, Tech Mahindra earns its revenue by providing IT services to global telecom clients, BT being its single largest client. The company also provides a wide variety of services ranging from IT strategy, managed services and consulting to system integration, design, application development, implementation, maintenance and product engineering.
It may be recalled that a new board comprising Deepak Parekh, chairman HDC, Kiran Karnik, former president, Nasscom and C. Achuthan, former member Sebi, had asked the two companies to jointly restate Satyam accounts, on January 14. This was after Satyam’s founder and chairman Ramalinga Raju quit and confessed the company’s profits had been falsely inflated for years.
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