In early 2009, Satyam Computer Services, an Indian firm, was caught in a cash confirmation fraud that exceeded $1 billion. The fraud was not uncovered by its independent auditor, PricewaterhouseCoopers – India. It came to light only after Satyam’s chairman confessed to the crime. A 2011 story in The New York Times cites a Securities and Exchange Commission (SEC) statement that Satyam’s auditors “did not seek confirmation of cash balances from the banks involved, but instead relied on management to provide them...” The statement goes on to note that the problems with Satyam’s audits were typical of PricewaterhouseCoopers—India’s substandard work.