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Management: USA's SEC sues India's Satyam and PwC affiliate
On 5th April, the USA's Securities and Exchange Commission issued proceedings against Satyam Computer Services Limited alleging that the company used a variety of schemes and techniques to facilitate the overstating of its revenue, income and cash balances exceeding USD1,000 over a five year period. Proceedings have also been issued against five affiliates of PricewaterhouseCoopers (PwC) that formerly served as independent auditors of Satyam Computer Services Limited alleging that they "repeatedly conducting deficient audits of the company’s financial statements and enabling a massive accounting fraud to go undetected for several years." The audit firms concerned are Lovelock & Lewes, Price Waterhouse Bangalore, Price Waterhouse & Co. Bangalore, Price Waterhouse Calcutta, and Price Waterhouse & Co. Calcutta.
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