Infosys Technologies Limited (NASDAQ:INFY) announced today that its audit committee has approved a change in its US GAAP accountants from KPMG (Registered), an Indian partnership, (“KPMG India”) to KPMG LLP,a UK partnership (“KPMG LLP”). The change was made at the request of KPMG India.
Infosys reports financial results in accordance both US GAAP and Indian GAAP. Under the rules promulgated by the US Securities and Exchange Commission (“SEC”), the change from KPMG India to KPMG LLP for fiscal years ended March 31, 2004 and forward constitutes a change in the company’s certifying accountants. The change, however, is likely to be transitory, with KPMG India expected to be re - appointed as the company’s US GAAP accountants once it has successfully completed its registration with the US Public Company Accounting Oversight Board ( the “PCAOB”). There has been no change in the company’s Indian GAAP accountants, Bharat S.Raut & Co.
The reports of KPMG India on the Company’s financial statements for each of the fiscal years ended March 31, 2002 and 2003 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended March 31, 2002 and 2003 and through the date of change of accountants, there were no disagreements with KPMG India on any matter of accounting principle or practice, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of KPMG (Registered), would have caused them to make reference to the subject matter in connection with their reports on the Company’s financial statements for such years.
The company has filed with the SEC a Form 6 - K with respect to the change of its US GAAP accountant from KPMG India to KPMG LLP.
About the company
Infosys is a leading global technology services firm founded in 1981. Infosys provides end - to - end business solutions that leverage technology for our clients across the entire software life cycle: consulting, design, development, re - engineering, maintenance, system integration, package evaluation and implementation. In addition, Infosys offers software products to the banking industry, as well as business process management services through its majority - owned subsidiary, Progeon. For more information, contact V. Balakrishnan at +91 (80) 2852 0440 in India or visit us on the World Wide Web at
Safe Harbor Provision
Certain statements in this release related to the Offering constitute forward - looking statements. This Offering is subject to shareholder approval, which may not be obtained. Although the Offering is expected to be made to our equity holders in India, we may be required to exclude certain equity holders outside India to comply with U. S. rules and regulations. Our business is subject to a number of risks and uncertainties that could affect our future operating results including those described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20 - F for the fiscal year ended March 31, 2004 and on Form 6 - K for the quarter ended June 30, 2004 and September 30, 2004. These filings are available at
www.sec.gov. Infosys may, from time to time, make additional written and oral forward - looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward - looking statements that may be made from time to time by or on behalf of the company.