Interim managers of India's fourth largest software company, whose chairman B. Ramalinga Raju on Wednesday resigned after confessing to fraud worth more than $1bn, said its accounts had been so thoroughly manipulated they were not even sure it had the cash to last out the month.
Investigations into the affair are expected to focus on questions over the role of Satyam's long-time auditor, Price Waterhouse, in the scandal.
US audit regulators raised concerns with Price Waterhouse, an affiliate of PwC, about its audit of Satyam after they visited the firm last spring, it emerged yesterday. The visit was one of a series conducted by officials from the Public Company Accounting Oversight Board to Indian auditors with clients registered in the US, including Satyam.