Satyam Scam - your take - Shares & Stock [2]

Satyam Scam - your take

Page no : 2

Natwar Agrawal ( Student- CA- final BBA) (276 Points)
Replied 07 January 2009

Auditors are resposible for whole the scam.

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Sandeep Keswani (Tax Consultant) (1064 Points)
Replied 07 January 2009

Mrs. Aisha (pardon if the prefix is incorrect),

I think its too early to draw conclusions as to who all are involved in this multi crore scam. As you yourself posted what ICAI officially said, one should not get carried away and make hasty judgements and conclusions from the prima facie facts. This is a matter that will surely go through multi point investigations. The fact that whether the Statutory Auditors are liable or not can be ascertained only once there is any conclusive evidence to that effect. Talking of any action against the auditors is for now too early. Lets see how things turn out to be in the coming days.

1 Like

srikanth (Accountant) (611 Points)
Replied 07 January 2009

i think the internal auditors are held more liable for the scam. As it is a duty of the internal auditor to verify the books of accounts with regard to Completeness, Accuracy, Authencity & free from mistatements as they are appointed by the mgt for the same. Who is the Internal Auditors of Satyam?

Hetal (Service) (22 Points)
Replied 07 January 2009

It is an exposed live wire of poor corporate governance and the attitude of the regulators and its safeguarders....It is the investors who suffer in this vogue....This issue must be dealt with strickly and corrective measures taken.

Sandeep Choudhary (CA Job) (56 Points)
Replied 07 January 2009

Hello friends,

I think it is high time the institute of chartered accountants of india should come out with more stringent norms of professional ethics for members while discharging their auditing & attestation functions. Considerging the gravity of the case there is no denial of involvement of the auditors in manipulating balance sheets .

Action needs to be taken to safeguard the intrest of chartered accountancy profesion

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Ajander Kumar (Student) (35 Points)
Replied 07 January 2009

Why this type of events happen only to PWC clients ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Auditors must be punished .................urgent need to change the law

srikanth (Accountant) (611 Points)
Replied 07 January 2009

ICAI will bring an new Auditing standard & an Accounting Standard. Icai or sebi may create an new statutory compliance for co's having huge cash balance get Certified from a CA regularly on a month to month basis or forthnight to avoid inflated figures in cash balance. If this is going to happen, an enhanced burden wil be on articles students like me. For the Students like me it is a bad news as one more AS or AAS or guidance note is going to be added in our curriculam.

CA Sudhir Halakhandi (PRACTICING CHARTERED ACCOUNTANT) (13401 Points)
Replied 07 January 2009

WE SHOULD WAIT AND WATCH BEFORE MAKING ANY COMMENTS AGAINST OR IN SUPPORT OF AUDITORS BECASUE THE MATTER IS VERY SENSIBLE - AND FURTHER LOT OF SATYAMS ARE LINE- SO PLEASE -

WAIT AND WATCH

CA Milap Mehta (ACA) (248 Points)
Replied 07 January 2009

it is really big question on audited statements of Satyam as chairman has declared that this is nt recent fraud, this is running frm past few years..

can such a big fraud be ommited in any audit??..time to take strict actions by ICAI,company affairs ministry & other bodies bcoz there is vry big loss to be borne by shareholder due to misconducts..

just wait & watch what results will come??????????

Arjun Hariharan (Asst. Manager) (181 Points)
Replied 07 January 2009

PWC has been earlier allegedly involved in the Global Trust Bank controversy. And now its the turn of Satyam Computer Services Ltd. And IT CLAIMS TO BE A MNC & PART OF THE BIG4.

It is high time the ICAI looked into the issue and sets things right.

IT IS HIGH TIME WE CALLED A SPADE AS A SPADE.