Latest news on Satyam !!!!!!!!!

 those CAs did the mistake or fraud with intentionaly they should punished by our ICAI ,,, Because its will be the lesson to the CAs those who are like sathyam Auditors ... we may debarr the PWC 

If we leave the CAsthose who are  corrupted  our ICAi reputation may spoil,,, we wont allow that,,, we've to protest ,,, So our ICAI take severe and immediate action against the CAs those who are conduct the statutory audit at Sathyam  ... if we leave them , they may misleading somebody ,, so our ICAI take the actions against them,,,

Auditors of the Company - Pricewaterhouse coopers are responsible for a fraud of this magnitude.............. There are only 2 possibilities --Either (1)PWC is grossly negligent; or (2) they are active party to Fraud. Satyam is showing Imaginary Cash Balance -- how PWC is verifying the same!!!!!!!!!!!

This is really Unexpectable for any one.

It will count in TOP 10. Manupulations or frauds.

The statement given by our honorable President is appreciable,& i m not satisfied with abarred them from practice,ya we can able to BLACK LISTED them for some years so they can get there punishment as well as our Reputation of our institute will remain Uneffected..

Thank you,

ICAI MUST GIVE A CHANCE TO PWC FOR DEFENDING ITSELF

ICAI HAS TO TAKE HARSH DECISION AGAINST PWC, SO THAT IT CAN BECOME EXAMPLE FOR OTHERS TO MAKE FRADULENTS ACTS BEING IN THE AMINENT FIRM OF CHARTERED ACCOUNTANATS PWC MADE SIN

Its not about debarring or punishing PWC, thats not our job. But we should clearly see that what conditions existed that were responsible for such an act by PWC(a worldwide reputed firm). If its fraud, anti fraud measures need to be strengthened so that any other firm doesn't repeat it.

If its negligence and PWC people were fooled or deceived by satyam , then it is a deeper matter and the situations that led to negligence by the firm should be studied. 

This scam proves that the antifraud measures taken after arthur anderson case were not sufficient.Otherwise this would have not happened.

Mr. Raju has given indian industry a stimulus package for the current recession.

This fraud  is first of its kind in India. So It should be remembered by everyone by giving severe punishment to those who are involved.

Lets not talk more about what lost. Let talk about what left, WHAT WILL BE FUTURE OF SATYAM EMPLOYEES.  I read one story of  Satyam couple who recently got married and bought house on EMI. there will 1000s like that.

A CA student Mr. Jawahar's comment at icai portal on the above issue:

"I think i have an interesting point to make. They say little knowledge is too dangerous. But having watched satyam's events on daily basis, i am quite sure there is a big probability, that my claim can be true ,though its definitely a dangerous claim. What if this ramalinga raju's letter is just a big "Lie" . I am going to make some assumptions here: 1. Maytas was really the source of trouble and never it was satyam, as raju claims. 2. There were no inflated profits and Satyam's balance sheets are clean. These assumptions leave us with the question - "Then why Mr.Raju has to give a letter that the profits were inflated" - which leads to third assumption of mine. 3. Mr. Raju had diverted money from satyam's balance sheet into Maytas or somewhere and claims that there were artifical money due to inflated profits. Now this is a interesting deduction and most of you are going to dismiss it by saying they are just assumptions. There is a strong reason why this can't be just assumption. Answer this. What could be the reason for Mr.raju to inflate the profits. Do you really think the fear of competition and need of posting good margins can drive a person of his stature, to risk his life and to commit such a big fraudelent activity."

Lets see what will be outcum of this.

See and Wait..........

Pwc is fully responsible for this fraud.

Institute should take action against pwc and raju to save the goodwill of ICAI

This event brings up the hollowness of statutory audits. When a stated cash balance cannot be verified with accuracy, what is the point in having such high-priced auditors in place? With all their "disclaimers" and "to the best of our knowledge" statements, they are just making a fool of investors, just like the rating agencies did some time back. The rating agencies also backed out by saying what they published were opinions and not certificates. Opinions should not warrant such high fees any more. And that's my opinion at no cost.

I think Company like Satyam cannot fix account just for the shake of gaining and maintaining its reputation in the IT Market and its consequential impact on its share prices. Conspiracy is prevailing here .By posting the letter to Stock Exchanges & SEBI, Mr. Raju has tried to escape from his involvement in embezzling the cash & bank balances. I think Mr. Raju has clearly taken cash to his other ventures with the diligent involvement of the auditors, banks & its core top management. Moreover, this surprise of scam would have helped promoter group to increase their stake in the company. These scam might be perpetrated to severe all public & institutional investors from the great reservoir surplus of the Satyam's present prospects and to the gain of all the indirect promoter group involvement. Auditors like PWC would never ever take risk of overstatement of Cash & Bank Balance, as they had very stringent documentation & verification proceudre in place. They will never allow to issue its report with such a great embezzlement invloved in the balance sheet. It's a clever game played by Mr. Raju's & other directors. They might have thought that, they would succeed in gaining control over the company in private hands.

i think we should not rely fully on waat Mr. Ramalinga raju said.

Cos we cannot rely on truth or lie of the accused,

Hey may say that the cash at satyam is artifical but there are more possibilites that he would have pocketed thaose cash and now playing a game but saying there were no cash in satyam and he wants to fly away with those cash.

If any sections in our law  permits then he should be hanged out cos  he has  destroyed the reputation of our nation which is un forgivable offence.

will PWC fall like Arthur Anderson????????