Archive for January, 2009

Aham Asatyam - Role of the auditors

The reaction of the firm of Chartered Accountants that signed the accounts of Satyam Computers was aired by CNBC TV18 channel around 7.30pm on 7th Jan 2009.

It is extremely saddening to hear that they refused to comment on the issue taking plea of client confidentiality.

Satyam is a public limited company with wide spread shareholding. A large number of individuals, employees, mutual funds, pension funds from across the globe are shareholders. And it is to these shareholders that the Auditors submit their reports.


Read the full post (508 words, estimated 2:02 mins reading time) - Aham Asatyam - Role of the auditors


January 7th, 2009 | Posted in General | 2 Comments

Aham Asatyam - B Ramalinga Raju of Satyam Computers

The letter written by Mr Ramalinga Raju, the promoter of Satyam Computer Services Ltd, admitting to window dressing of the Profit and Loss Account and Balance Sheet of Satyam Computers has sent shockwaves across the country.

How is it possible for a business house managed by a Board of Diretors comprising of  promoters and Indipendent Directors to present cooked-up figures quarter after quarter?

Why did not the people responsible for maintenance of accounts - the team led by the Chief Financial Officer Mr Srinivas - reveal this massive fraud?


Read the full post (438 words, estimated 1:45 mins reading time) - Aham Asatyam - B Ramalinga Raju of Satyam Computers


January 7th, 2009 | Posted in General | No Comments