Satyam Scam - your take

Hello.....

I just want to know that what is the use of AS & AAS etc.

Institutional Investor Must go for legal action against Promoter(Personally)& Auditor.ICAI Must also put Inquiry against PWC.

My question is that what should a member in industry should do if Top management force him to do the wrong and unethical act.

its time to wait patiently, I hope ICAI would come u with some strict regulations. I personally feel it is a wake up call to all regulation bodies. this situation is very dangerous than bombay attack.

But action should be taken only on detail investigation.

S.Suresh

One measure is to implement rotaion of auditors.

the balance sheet was signed by S .Gopalalkrishnan for PWC who is a central council member of ICAI.

Mam, I completely agree with you.....

It will lead to something similar to that which lead to Surbane Oxley Act.(SOX).

REMEMBER Anderson Case...!!!!!!!

PWC

management confirmation and certification!!!!wat a thought... then wat is the use all audit procedure rite from vouching ,ledger review and other stuff...BRS and other audit techniques recomended by ICAI...as the amount of scam is huge which was surely not b gone unnoticed. there is one joker in the middle of this scam 

i want to no who is tht ICAI,PWC or satyam mgt....
 

Its not easy for the auditors to trace any scam or error when the top level management is involved in the scam.

Its easy when it is conducted by lower level personnel

seriously it's a big issue...n pwc..yes it's also responsible

hey read also attach file

It is disheartening that an Indian MNC faced this fate. In an age when we talk of 'Global India Takeover', this should not have happened to protect India's credibility.

What disturbs more is that the fact that books of accounts can be manupulated according to the whims of ONE MAN (Going by the text of the letter which is being circulated). This defeats the purpose of having a separation between management and ownership of the organisation. Hence, management's fault of having poor internal controls cannot be underemphasised.The gravity of the problem can be judged from the fact that  misstatement was existing for some years.

Though ICAI and other regulators would investigate the auditor's responsibility in detail, i dont think we have much to blame them because these days the auditor begins audit with the premise of Protecting Auditors' liability. Extensive documentation is done to defend himself , not with the intension to uncover suspicious activity. In this sense, dont you think the nature of profession has changed in the favour of mischiveous clients who can get away with frauds easily?

It is the greed of the investors expecting high returns, greed of the management expecting top position, greed of the stakeholders expecting huge rewards, greed of the auditors expecting more fees, greed of the competitors expecting fall of rival, greed of the media for breaking news, greed of us expecting better governance system. It is only GREED!!!!!!!