tag:blogger.com,1999:blog-3202774368551476669.post5769061205187989299..comments2023-09-15T16:21:31.980+05:30Comments on INDIAN CORPORATE LAW: Satyam Update 2 - What are the wrongs?Umakanth Varottilhttp://www.blogger.com/profile/12438677982004444359noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3202774368551476669.post-24744529322547601862009-01-12T09:31:00.000+05:302009-01-12T09:31:00.000+05:30Yes, Sathya, prima facie, one really wonders how t...Yes, Sathya, prima facie, one really wonders how the auditors could have certified such huge bank balances which Raju's letter say do not exist. However, I wonder whether it is as simple as false certification. PwC, a global firm, surely would have persons in an hierarchy who each would have to sign off. Unless we are alleging complicity by all, there is something more and it may not be a simple case of elementary negligence or even simple forgery. <BR/><BR/>The sheer size of the bank balances indicate that a more complex plan may be there.<BR/><BR/>Again, as of now, except Raju's letter, there is nothing known more. And it may be some time before the real details come out.<BR/><BR/>- JayantCA Jayant Thakurhttps://www.blogger.com/profile/06755740172092808729noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-70164798598462981052009-01-10T21:05:00.000+05:302009-01-10T21:05:00.000+05:30Its imperative to note the following:Auditors cann...Its imperative to note the following:<BR/>Auditors cannot be subjected to undue pressure on voluminous accounts But does not obviate them from establishing the basic facts.<BR/>Apparently it seems that the following is not done<BR/>1) Cash and bank balance verification<BR/>2) Vendors / Debtors balances verification<BR/>The firm is said to have use all the optional international financial reporting system but failed to use the basic tests and verification<BR/>Like everyone, i am also of the opinion that this is a serious commission on the part of the company and its auditors.<BR/>Regards<BR/>SathyaKodur_Sathyahttps://www.blogger.com/profile/15288210942230914348noreply@blogger.comtag:blogger.com,1999:blog-3202774368551476669.post-61335225271462467232009-01-09T16:21:00.000+05:302009-01-09T16:21:00.000+05:30interesting post.Came across some interesting upda...interesting post.<BR/><BR/>Came across some interesting updates on satyam matter. link is http://www.iimahd.ernet.in/~jrvarma/blog/index.cgi/2009/01/07/<BR/><BR/>Also - see three of the big four involved in Madoff ponzi scheme - http://nakedshorts.typepad.com/nakedshorts/2009/01/first-bean-all-the-counters.htmlRenu Guptahttps://www.blogger.com/profile/13605419535223237023noreply@blogger.com