not only P W C, the role of the Internal Auditors and also employee CA`s of Sathyam to be enquired.
CA. Raviprakash M.S
(Chartered Accountant)
(154 Points)
Replied 09 January 2009
not only P W C, the role of the Internal Auditors and also employee CA`s of Sathyam to be enquired.
Pratik K
(Student)
(3406 Points)
Replied 09 January 2009
PWC should be given enough chance for proving them not gulty
And if he found guilty then
""laga do banned us per kar do jail me bandh aur koi nayi saja bhi sathame do jisase aur koi CA ki himmat na ho Daga dene ki""
[ yaha to apanone hi daga diya
gairo me kaha Dum tha ]
savita
(Article Assistant)
(43 Points)
Replied 09 January 2009
Thanks to Mr. Ved Jain and his decision.
But i feel smwer or other the auditors-PWC are involved in this fraudelent practice of satyam. It is impossible to believe that the auditors in a span of 7 yrs could not actually find out that the Balance sheet figures are being manipulated with. This in a way proves that PWC was directly or indirectly involved in all this issue. Also that if being amongst the reputed CA firm worldwide they could not trace out these discrepies then it implies that the auditors have not done their work wid full honesty, dignity & knowledge about the work.
Lets wait for the actual facts of the case to cm out...
RAHUL JAIN
(student)
(74 Points)
Replied 10 January 2009
Originally posted by :priyanka narale | ||
" | According to current discussion President of ICAI CA. Ved Kumar Jain said that, " there are 2 possibilities due to which PWC can be held guily, that either PWC was careless in conducting the audit or it was involved in such act." As per recent news a criminal complaint has been lodged against PWC. Now what are ur openion on this news, now it is almost proved that both ways whether careless or fraud PWC is responsible. |
" |
Well PWC is gone. it seems so as per the statement of president mr. ved jain
RAHUL JAIN
(student)
(74 Points)
Replied 10 January 2009
Originally posted by :Gomes | ||
" | I should say the Auditors of PWC should be removed and debarred from Practice for the entire life. The qualified members who obtained evidence of Cash & Bank Balances should be also held responsible.Partner who signed should be removed from membership and all positions of the CA Institute. He can resume once his charges are acquitted(obviously that will happen). CFO====Chief Fraudlent Officer should be stripped of CA membership and all the Dr awards given to him. One can't confess that I don't know what is in the amounts declared in B/S. BIG four Audit firms are now expert in Scams and scandals. CEO= Chief Embazzlement officer Rating agencies should give a minus rating if the company has Big four Auditors . |
" |
Well debbaring PWC auditors is not the solution at all. We should go into the crux and then see why it happened.
CA NP Mathi Lingan
(Practising Chartered Accountant)
(98 Points)
Replied 10 January 2009
It is not a single mans game as Ramaling Raju says, its something more. There is collusion of management and auditors. I doubt the independence and integrity of the auditors. What is the use of audit if a major misstatement like this go un noticed. Audit is compliance with accounting standards, expressing an opinion on the financials prepared by the client and nothing more then why should one get the accounts audited just to see only the form and not the content? The auditors see only the presentation of financial statements, rely on the internal auditors and some declaration from the client. I feel the scope of audit should be enlarged and more responsibility for the auditors as the stake holders whon invest there money rely on the auditors report....
RAHUL JAIN
(student)
(74 Points)
Replied 10 January 2009
Originally posted by :venkat | ||
" | kill them bl**dy auditors of PWC in front of public.there is no difference between the political leaders and auditors in the soceity after this scam. | " |
please dont be so rude to auditors. you saw the case of SATYAM, you must be knowing that every company in one or the other way is involved in various scams but it is not highlighted almost everytime.............. BUDDY SOME THINGS ARE OUT OF CONTROL...........
GBhura
(Tax Consultant)
(118 Points)
Replied 10 January 2009
From the point of view of a shareholder it is 100% fault of auditor. On the basis of accounts certified by PWC, investors invested in Satyam.As per Raju statement it is going on for years.It is unbelivable how it could be possible.
Secondly there is provision of peer audit of a Listed Compnay. Who done this peer audit.
Deepak Jain Now CA + CS
(AM in TCS CA, CS)
(362 Points)
Replied 10 January 2009
We all blame Raju and PWC for the scam ,but do u all believe that the real culprits face going to come out to the public.
Politicians will try to stampede this case as even Minister at high level r involved.
Its similar that of Harshad Mehta case.
So, i afraid Only Raju and PWC will be caught in the whole drama but the real players who moved the coin will escape as they always do.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 10 January 2009
January 23 and would be lodged in the Chanchalguda Central Jail.
The Rajus, who were arrested last night and subjected to several hours of interrogation, were produced before the 6th Chief Metropolitan Magistrate at the judges' quarters at Marredpally in Secunderabad this evening.
Raju's lawyer Bharat Kumar said his clients were remanded to judicial custody till January 23. He said the court has directed medical treatment to be given by a government doctor to Raju, whose BP was fluctuating abnormally.
Raju's counsel said he will move a bail application on Monday.
After the magistrate's order, the Rajus were whisked away in a van with tinted glasses while police kept the media away by barricading the area.
The police had subjected the Rajus to a lengthy interrogation process after their arrest last night, but Ramalinga Raju, 54, the elder of the two, had in the morning complained of chest pain and uneasiness -- following which doctors from private Care Hospital and a government hospital conducted a medical check-up.
A case has been filed against Raju under sections 120-b (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating), 468 (forgery for cheating) and 477-a (fraudulent cancellation of securities) of IPC.
Raju had on Wednesday disclosed a financial fraud in the company to the tune of Rs 7,800 crore by inflating profits and showing fictitious assets where none existed. The company's scrip has fallen nearly 80 per cent since the revelation was made.
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 11 January 2009
Former Chairman of Satyam Computer Services being taken into Chanchalguda Prison after he was sent to Judicial custody till the 23rd of Jan in Hyderabad on Saturday.
10 Jan 2009, 2050 hrs IST
CA Sudhir Halakhandi
(PRACTICING CHARTERED ACCOUNTANT)
(13401 Points)
Replied 11 January 2009
RAJU SHOULD BE KEPT AWAY FROM CRIMINALS IN JAIL .
WHY ? HERE IS A THREAT ON HIS LIFE?
NO . ALL THE CRIMINALS WILL WILL BE CONVERTED IN BIG GHOTALEBAJ
a garg
(ca)
(37 Points)
Replied 11 January 2009
I suspect, satyam would have played a fast one on PWC by producing fake docments other wise the regular audit procedures should take care of this kind of misstatement
Shudhanshu Agrawal
(Business)
(2570 Points)
Replied 11 January 2009
According to me there should be more authorities which should be given to CA's and the reason being they are the one on who's reports people are going to trust much and if they dont follow them make strict rules.....let the CA's know how much expectations they carries and their one mistake can do lots of damages to the country in monetary terms and i think it has done
shailesh agarwal
(professional accountant)
(7642 Points)
Replied 12 January 2009
Satyam workers express support for the company last week after the resignation of Ramalinga Raju