Satyam achieved top award for internal audit

MUMBAI: Satyam, whose chairman on Wednesday admitted to serious financial frauds over several years, was (ironically) awarded one of the top global awards for its internal audit practices. In 2006, Satyam's internal audit team was awarded the recognition of commitment (RoC) award from The Institute of Internal Auditors, USA.  "The RoC award is the upper most recognition for an internal audit department confirming the company's commitment to best practices and highest quality standards," the Hyderabad-headquartered company had said in its February 7, 2006 press release. "Satyam is only the third company in India to achieve the coveted award from IIA," it added. The institute has presence in India through its six chapters in six major