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Satyam board appoints KPMG, Deloitte to assist in auditing

January 14, 2009 14:23 IST

The newly-named three-member board of Satyam [Get Quote] 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 PTIĀ on 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.

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