What happened in Satyam and lessons for auditors
What happened in Satyam and lessons for auditors
What happened in Satyam and lessons for auditors
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Fraud/<strong>for</strong>gery is not new at <strong>Satyam</strong>• A <strong>Satyam</strong> subsidiary had worked on develop<strong>in</strong>g software<strong>for</strong> mobile prepaid technology <strong>for</strong> Upaid.• To obta<strong>in</strong> the patent, Upaid required the signature of 20<strong>Satyam</strong> employees <strong>and</strong> Upaid received the signatures from<strong>Satyam</strong> <strong>and</strong> the patent <strong>in</strong> due course.• Upaid then sued Verizon <strong>and</strong> Qualcom <strong>for</strong> us<strong>in</strong>g patentedtechnology; <strong>and</strong> Upaid got a rude shock.• An ex‐<strong>Satyam</strong> employee, who had worked on the prepaidmobile technology, now a Verizon employee, po<strong>in</strong>ted outthat his signature which was on the patent application,was <strong>for</strong>ged.• Upaid then sued <strong>Satyam</strong> <strong>for</strong> $1 billion.
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