SEC asks Wipro to prove independence of its auditor KPMG India
Monday, 23rd May 2011
The suicide of Anoop Agarwal, an employee who committed a $4 million fraud at Wipro, has come back to haunt the IT major.
US market regulator SEC has asked IT major Wipro to prove independence of its auditor KPMG India, failing which the company may have to appoint new auditors or get its business books audited again.
The issue of KPMG's independence in auditing Wipro accounts came up after it was detected last year that a junior level employee of the company had indulged in embezzlement of the company's funds and the said staff member had engaged in personal financial transactions with a junior member of KPMG India's audit team, working on Wipro audit engagement.
Publication : Deccan herald