Satyam Scam – New Details Emerge Frequently, PwC Still in Focus

The Satyam Scam appears to be unfolding with news coming out so often that the Economic Times of India has a scroll bar with news marked by the minute. Given that the scandal hinges on non-existent cash on the balance sheet, and the lack of adequate controls and checks and balances on this, statutory auditors PricewaterhouseCoopers appears to be right in the middle of this situation.

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PwC Global CEO Reportedly In India to Deal with Satyam Situation

Reports from the Indian press are that the Satyam Scam has drawn the top leadership of PricewaterhouseCoopers to India to deal with the situation. It appears that PwC Global CEO Samuel DiPiazza, Jr., along with some senior worldwide partners are in India to assess and deal with any regulatory and reputational fallout from this scandal. PricewaterhouseCoopers were Satyam Computers’ external auditors and signed off on the company’s latest financial statement which is purported to contain $1 billion of “fictitious cash”

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Satyam’s Statutory Auditor PwC Embroiled in Huge Satyam Scam

Public auditing can potentially create risk for Big4 firms.

PricewaterhouseCoopers is now facing such risk as the statutory auditor of Indian technology outsourcer Satyam Computer Services in yesterday’s blowup of the “Satyam Scam”, or as it being labeled, India’s Enron.

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