Friday, May 29, 2009

Word to the Wise: Don't Get Duped in India

The PwC/Satyam Computer Services fraud is becoming bigger news as more is learned about the case is reported on.

The partners on the engagement are currently in "judicial custody" for their alleged complicity in for not discovering a phantom $1 Billion on Satyam's books. Original NYT article here.

Sounds like paradise, "They sleep on the floor in a cell with other inmates, in temperatures that often exceed 100 degrees."

But one of the auditors is keeping it real, thank the Creator:

The other PricewaterhouseCoopers partner, Srinivas Talluri, a youthful 48-year-old with wire-rim glasses, is trying to maintain his professional mien behind bars. In the interview, his hair was neatly brushed, he carried a notepad and a plastic water bottle and his T-shirt was so smooth it seemed ironed.
..He recently offered to check the accounts at the prison’s canteen, just to keep his mind sharp.

No word from the Times if Mr. Talluir was also carrying his 10-key calculator.

The Tramp will be following this story closely as the repercussions of this fraud may fall hard on PwC...stay tuned.

2 Auditors Held in India Fault System [New York Times]
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  1. Interesting that everyone is worked into such a lather over $1 billion. $1 billion?!

    Not to discount what PwC allowed on their watch, of course, but remember at the time thinking that $1 billion wasn't *that* big of a deal. "Trillion" is thrown around so liberally lately.

    Thanks for watching this... I think you have a bit more freedom with the subject than I do.

    And props for the F-bombs - happy to see I'm not the only one. I try to tell people being in the accounting industry does that to you but...? *pfft* over their heads.

    which of the two big teetering giants do you think will go down first?


  2. Shit JDA, I'm finally reading this comment. You might not see it now, though...After the BDO ruling, they'll all probably survive. Cockroaches.