Satyam board appoints KPMG, Deloitte to assist in auditing

Mumbai, Jan 14 (PTI) The newly-named three-member Board
of Satyam Computer has appointed auditing firms KPMG and
Deloitte to assist it in clearing the mess in the scam-tainted
company's accounts.

"We have decided to appoint Deloitte and KPMG to assist
the board in the restatement of financial statements of
Satyam," Satyam board member C Achuthan told PTI here
Wednesday.

Both accounting firms have been asked to 'restate' the
accounts of India's fourth largest IT company, "as quickly as
possible", Achuthan said.

The two firms, however, cannot be termed as auditors
of Satyam as the appointment of an auditor can be done only
after securing the company's shareholders' consent.

Sleuths investigating the Satyam fiasco on Tuesday
conducted raids at the Hyderabad office of
PriceWaterhouseCoopers, Satyam's auditing firm, and are
understood to have recovered several crucial documents.

The Hyderabad-based IT giant plunged into a crisis
after its former Chairman B Ramalinga Raju confessed to
committing serious financial irregularities since 1998. PTI DU