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Satyam's restated accounts by July
February 10, 2009 13:30 IST
"Efforts to restate the accounts are progressing rapidly. The Board expects this task to take at least six months. The restated accounts can be expected to be ready earliest by July," the source said.
A 30-member team from Chennai-based Brahmaiah & Company, appointed as the internal auditor, is going through the fraud-hit IT major's accounts in Hyderabad.
The auditors have been asked to work backwards - 2008-09 to 2002 - to facilitate a speedy declaration of Q3 results, the source said. "The Board wants to declare the company's Q3 results as quickly as possible and hence the move," the source said.
Though no deadline has been set for the auditors to come up with the restated numbers, the auditors have been told to complete the task "as quickly as possible," the source said.
"The auditors - KPMG and Deloitte - have not submitted any report to the Board so far," the source added. The Satyam Board has already obtained permission from the market regulator to extend the time for it to announce its Octobr-December results.
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