There is risk of loosing HEALTH, so I visit DOCTOR
There is risk of loosing LIFE, so I get INSURANCE
There is risk of loosing INCOME, so I do SAVING
There is risk of loosing SAVING, so I do INVESTMENT
There is risk of loosing INVESTMENT, so I RELY ON YOU.
There is risk of loosing RELIABILITY, now WHAT SHALL I DO
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Certainly, the shabby indexes, the unpredictable egregious frauds, the unheard repugnant Accounting Scandals & the overburdened appellate & judiciary system where case stays undecided till the death of the victim has made stakeholders to mull over the, so called concept of RELIABILITY.
The RELIABILITY is the soul of all the dealings, there was an era when the spoken words were the basis of the reliability of the big dealings but as the time has changed the executed documents, the blazoned data, the analysed & audited financial statement has been questioned many times on the fundamental concept of RELIABILITY.
Lot heard SATYAM case was not even smelled till the same was not blabbed by B Ramalinga Raju. Similarly last year also country has witnessed scams which has cost the country several lakhs of crores (like CWG ,2G , Citibank, pension fraud etc)
Not only the financial data but the indexes that represent the economy has also been questioned by the media .Recently the Index for the Industrial Production (IIP) is questioned. Same had been the case with the Wholesale Price Index (WPI) & growth indexes presented last year. These data in turn question the growth story of the country & vis a vis decision taken on the basis of these data.
Algae could not occur in the fresh water, in the similar way the fraud needs atmosphere to dwell on .Undoubtedly the reliability is questioned over and again ,not only domestically but at international grounds also; as the Enron’s name has not dwindle yet . But all this; asks for a Fraud Management System wherein the traces of the fraud can be probed at initial stages along with a set of the stringent rules and nevertheless the strict implementation of such provisions.
Beyond what is required and what the need of the hour is, this situations yells few questions. Is it the intention or the ignorance; is it the competition or lack of competency; is it the high time to take some action or to wait till the reliability is challenged once again.
CAclubindia
