Wednesday, January 14, 2009

PricewaterhouseCoopers Issues Statement, Change from Previous Stance

The Satyam Scam Saga continues, and much as we like to step away to other matters, there continues to be interesting new developments which catch our attention.

Now The Economic Times of India reports that PricewaterhouseCoopers sent a statement to the Bombay Stock Exchange and to the newly-constituted board of Satyam Computers, saying, “The former chairman has stated that the financial statements of the company have been inaccurate for successive years. The contents of the said letter, even if partially accurate, may have a material effect (which is currently unknown and cannot be quantified without thorough investigations) on the veracity of the company’s financial statements presented to us during the audit period. Consequently, our opinions on the financial statements may be rendered inaccurate and unreliable.”

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