Satyam Means Truth
Yesterday I posted on the Satyam fraud – Satyam is an Indian outsourcing company. Pricewaterhouse Coopers is Satyam’s auditor. And because PwC missed the $1 billion elephant in the room, they might have a problem:
PwC said it was examining [Chairman and CEO] Raju’s statement but could not comment further due to confidentiality issues.
The fraud could cause problems for PwC. Since Satyam was listed in the US, investors can turn to the courts there for recompense, and there are legal precedents for holding auditors accountable.
I love the smell of litigation in the morning.