ACCOUNTING
| Satyam, PwC settle SEC accounting fraud probes Tue, 05 Apr 2011 21:51:00 +0530 |
| Satyam Computer Services and auditor PricewaterhouseCoopers (PwC) agreed to pay a combined $17.5 million to settle investigations into an accounting fraud that became India's biggest corporate scandal in 2009. Satyam, an outsourcing company now known as Mahindra Satyam, will pay $10 million to settle US Securities and Exchange Commission charges it fraudulently inflated revenue, income and cash balances by more than $1 billion over five years. Separately, India-based affiliates of PwC will pay $6 million to settle related SEC charges and $1.5 million in a settlement with the Public Company Accounting Oversight Board. The SEC said its settlement with the PwC affiliates is its largest involving a foreign-based accounting firm and the PCAOB said its accord is its largest civil money penalty ever. |
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