Infosys Announces Change in US Accountants for US GAAP Financial Statements
Change from KPMG (Registered) to KPMG LLP
Bangalore, April 27, 2004: 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.