Satyam Scam - your take

Satyam R.Raju Resignation letter copy

PWC is the auditor of Satyam and they are also equally responsible. For what they call them selve big 4.

ABHI BAHUT KUCHH BAKI HAI

yes

The Satyam scam has evinced wide-ranging responses from auditors — but mainly one of shock. Shailesh Haribhakti of Haribhakti Group said he was, “absolutely shocked after hearing about the Satyam scam.” Action, he said, will now be taken by regulators at every level.

Dolphy D’Souza, Partner, Ernst & Young, said the size of the fraud was huge and that they will have to look into details. “Auditors will be questioned; the matter cannot be wished away,” he said. D’Souza added there would be huge implications from overseas regulators.

ICAI said one must refrain from making any hasty judgements based on prima facie details. “PricewaterHouse Coopers is likely to be asked to re-state accounts of Satyam,” he said.

Richard Rekhy of KPMG said such a fraud requires a number of people, not just one person and that it is difficult to point fingers at only one agency. He remarked it has been happening for a number of years, and when management is involved to such an extent it is difficult for auditors who are relying on companies’ confirmation and certification.

sens.ex is down by more thn 700pts...lets see how much more damage it does...

I think Statutory Auditors as liable for the matter, How can they certify the financial statements as TRUE AND FAIR if it contains these kind of BIG manipulation...

 can anyone give information as to who / which firm is the statutory auditor of Satyam Computer Services Ltd???

It will be interesting to wait & watch what action the ICAI & the various regulators are going to initiate against the CAs, who, for sure have had a role to play in this ntire scam.

Such CAs are a disgrace to the profession & are definitely bad precedents for upcoming CAs.

An independent Satyam director had earlier told ET that the board relied on E&Y’s advice, something that has been denied by the audit firm. Satyam had to reverse its decision within 12 hours following protests by its investors across the world. Despite the cancellation of the Maytas transaction, the shares of Satyam crashed 82%

I guess as always auditor will escape the punishment ..by hidin under the pretext that they dependent on the management confirmation and certification!!!!

Rarely u see auditor being holded liable in such cases i dont understand than what is the whole point of havin them if ther is no scope for punishin them when ther mistake causes loss to milions of share holders..

The provision that auditors are not bloodhounds is always misused!!!

If such things r happenin in such Huge organization just imagine how much these stuff must be happenin in small SME'sss .. wer ther is no media coverage!!! we all kno what i m talkin bout!!!

like CA SUDHIR HALAKHANDI has said, this seems only to be the tip of the iceberg.

picture abhi baaki hai, mere dost!!!!!

Hello Mrs Aisha
Please delete that PDF file, it may be violation of code !!

THIS IS A WAKE UP CALL FOR THE ICAI. IT SHOULD NOW TAKE STEPS TO INCLUDE FORENSIC ACCOUNTNG IN THE SYLLABUS FOR CAs SO THAT WE ARE BETTER EQU IPPED TO FACE SUCH CASES. AS MORE SUCH CRIMES ARE BOUGHT INTO LIGHT, ICAI WILL BE UNDER MORE PRESSURE TO STEP UP ITS ANTE AND THE MEMBERS NEED TO BE MORE CAREFUL WHILE DISCHARGING THEIR DUTIES

Forensic Accounting is what we need immediately now. Auditing needs to be improved.