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Indian outsourcing company Satyam Computer Services reportedly plans to announce a new auditing firm to replace PricewaterhouseCoopers after the company’s chairman admitted to a massive accounting fraud.

Satyam chairman Ramalinga Raju confessed last week to falsifying over $1.04 billion worth of assets in the company’s second fiscal quarter. Within days, he resigned from the company and was jailed along with his brother, B. Rama Raju, a former managing director. CFO Srinivas Vadlamani was also arrested.

The company’s board has been sacked and a newly appointed director, Deepak Parekh, promised a change in auditing firms. “New independent accountants that we appoint shortly will restate the numbers and confirm the veracity of those numbers”, - he said, according to The Wall Street Journal.

PricewaterhouseCoopers did not immediately respond to a request for comment. Last week, the firm contended that the audits were conducted “in accordance with applicable auditing standards and were supported by appropriate audit evidence”.

Satyam’s former CFO, however, has reportedly told the police that the firm was partly to blame, according to the “Economic Times of India”. Vadlamani claimed the auditors never pointed out deficiencies in discussions with management. The paper also reported that the Reserve Bank of India may ask banks to be more cautious in their dealings with PwC in the wake of the Satyam scandal, quoting an unnamed official with the Reserve Bank.

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• See also: http://www.gaap-ifrs.com/news/gaap_ifrs/2439