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August 2, 2009

PwC faces further Satyam scrutiny

PricewaterhouseCoopers (PwC) is to undergo
further scrutiny in the investigation into the Satyam scandal.

Indian member firm, Price Waterhouse (PW), was
thought to have performed audits of Satyam Computer Services from
the quarter ended 30 June 2000 until the quarter ended 30 September
2008, but Indian media reports suggest a small subsidiary, Lovelock
& Lewes, carried out the audits. The subsidiary is part of the
old Coopers & Lybrand network, which merged with PwC in
1998.

PwC said it passed on the Satyam job because
it is not allowed to carry out audits using its international brand
name under Indian law.

The network, however, disputes that it should
be included in any litigation brought against the Indian firm
because the practice is a separate legal entity.

In January 2009, Satyam’s founder and chair
Ramalinga Raju wrote to the software company board, admitting to
fraud totalling more than $1.44 billion.

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