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March 31, 2010

PCAOB bans CPAs involved with Satyam

The US Public Company Accounting
Oversight Board (PCAOB) has barred two Satyam auditors from
Lovelock & Lewes, an Indian firm affiliated with
PricewaterhouseCoopers International, from being associated with
any PCAOB-registered audit firms.

Chintapatla Ravindernath and Siva Prasad
Pulavarthi failed to co-operate with the PCAOB’s investigation into
Lovelock & Lewes’ conduct in relation to the Satyam
scandal.

The US watchdog claimed Ravindernath and
Pulavarthi refused to testify, which allowed the audit regulator to
sanction them under US corporate law.

Ravindernath, who has since resigned from
Lovelock & Lewes, was the deputy manager for the Satyam audit
engagement from April 2000 to March 2005 and then from April 2005
to February 2009.

Pulavarthi, who has also resigned from Lovelock
& Lewes, was the engagement and client relationship manager for
the Satyam audit engagement from April 2005 to March 2008.

Lovelock & Lewes is one of five
PricewaterhouseCoopers International affiliated firms that operate
in India and are registered with the PCAOB.

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In January 2009, Satyam’s founder and chair
Ramalinga Raju admitted to fraud totalling more than $1.44bn – the
largest corporate fraud in India’s history.

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