Neha Sood
ICAI (Institute of Chartered Accountants of India) declared that it would report against KPMG as the company is not registered with ICAI. So, its Indian Audit Arm, BSR and associates could not carry out the auditing work for Satyam.
KPMG was handed over the task of restating Satyam’s accounts by the Board appointed by government. This action was taken after confession from the founder Ramalinga Raju about inflating the accounts, became public.
In this regard, a letter has been sent by ICAI to Satyam Board, as was informed by Ved Jain, ICAI’s President.
Making the things clear, Ved said that even if the job was to ‘re-state’ the accounts, accounting and auditing were a part of it.
KPMG’s spokesperson, in relation to the matter said that their decision to proceed with the task was based on the understanding that auditing was not limited to firms registered with ICAI.
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