Corporate governance, Accounting standards, IFRS, GAAP etc are meant only for exams, seminars, job interviews, cpe hours... and not to be followed in practice.
Your comments please?
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SATYAM CASE
Replies (18)
These are followed in practice,
but if the intention of the chariman is fraud, what we can do
this is most disgusting, how can a large audit firm let the entire profession down. PWC has good standards, i understand that, but with that standards, how something like this can happen. If PWC is proven guilty, it is a shame to the entire CA community.
how well followed in practice you know better ----------if all ca take oath-------------------for TRUTH AND FAIR----------------then i think ------------------no fraud----------------------will take place------------------.we are all professional-----not slave of----------management--------or anybudy else----------------------just chill---------
anyway thanks for your opinion
Is it possible to show an inflated cash balance (huge amount) without Auditor's knowledge? What do you think is the role of the auditors in this issue?
Such kind of corporate do have Real Time Multicurrency accounting systems spread as far as 66 different country/locations,That's Y RRaju stated that he's riding tiger not knowing how to control the same,Fraud may perprated any part of world w/o RRaju knowledge,but as a chairman responsibilities lied on him.
For the aforesaid reasons IFRS,GAAP,ACCOUNTING STANDARD Remain theoritical importance only.
| Originally posted by :guru prasad | ||
| " | this is most disgusting, how can a large audit firm let the entire profession down. PWC has good standards, i understand that, but with that standards, how something like this can happen. If PWC is proven guilty, it is a shame to the entire CA community. | " |
What all are the possible frauds RAJU might have commited.
| Originally posted by :guru prasad | ||
| " | this is most disgusting, how can a large audit firm let the entire profession down. PWC has good standards, i understand that, but with that standards, how something like this can happen. If PWC is proven guilty, it is a shame to the entire CA community. | " |
What all are the possible frauds RAJU might have commited.
| Originally posted by :CA. Rajeev Aggarwal | ||
| " | These are followed in practice, but if the intention of the chariman is fraud, what we can do |
" |
Can you plz tell me the concept of corporate governance
i think sir that a change is needed in accounting standards 1 & 2. the word independency should be more extensive and clear by the institute & the word expression of opinion makes the auditor feel free about their work. a mindset shange is what is needed. Nothing will improve if institute debars PWC auditors from practising..............
plz see to it. its important.........
a change is needed in accounting standard 1 & 2.
i m sorry i mean to say AAS 1 & 2
It is true that AS & AAS has become of relatively of no importance. institute should focus more on major issues rather than taking out a rally for terrorists removal from earth. I am sorry if i am a bit harsh........
I am sorry 4 my words but i just cannot see my proffesion going down. i am a passionate lover of my profession...............
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