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Audit panel calls for Satyam papers

New Delhi, Jan. 17: The Institute of Chartered Accountants of India (ICAI) has asked Price Waterhouse to submit Satyam Computer’s financial statements of the past seven years along with the names of the chartered accountants associated with the audits.

“We have sought audit working papers and financial statements of Satyam Computer for seven years,” said Uttam Prakash Agarwal, head of the committee set up by the ICAI to investigate whether Price Waterhouse had adhered to the accounting norms while auditing Satyam’s books.

The committee is likely to submit its report to the government by February 11. It was set up on last Tuesday.

Agarwal said the committee had also sought minutes of the Hyderabad-based IT company’s audit committee meetings of the past seven years. “We plan to seek financial statements of joint ventures, subsidiaries and associate companies of Satyam,” Agarwal said.

Rating agencies will have to submit the financial statements and working papers on the basis of which they had assigned grades to Satyam.

Moreover, the ICAI committee plans to collect the company’s quarterly results submitted to the stock exchanges along with any certificates issued to the Reserve Bank and Sebi by any chartered accountant in relation to Satyam. Financial statements from other sources such as the tax department will also be considered.

“We are working overtime on the task entrusted to us. We are hopeful of completing our investigation and submitting the report within a month’s time,” Agarwal, who is also the vice-president of the ICAI, said.

On January 10, the ICAI had issued a show cause notice to Price Waterhouse and subsequently set up the panel.

Price Waterhouse

Price Waterhouse, the statutory auditor of Satyam Computer, has said it found no “significant risks and exposures” during its audit of the scam-hit IT firm.

The minutes of Satyam’s audit committee meeting, held on October 17, revealed today that a representative of Price Waterhouse told the committee that “no significant risks and exposures have been noticed during our audit of the financial statements and as represented by the management for the quarter and six months ended September 30, 2008.”

The auditor also noted that “there have been no disagreements with the management” and their audit “is designed to obtain reasonable assurance that the financial statements are fairly stated”.

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