Mood:
irritatedTopic: Business
AGAIN ANOTHER GREED FILLED STORY: Morally currupt and disgusting story of the Chairman of a Software company and Auditors who have equal part in it.
It is so shocking that the company that is named as "Truth" (satyam) has now made its name synonym to "Asatyam" (lie)...
I am deeply shocked and felt angry to read the scandal involving the chairman of Satyam computer services of India. www.satyam.com in his letter to the board Ramalinga Raju states that the books are not reflecting the true state of the company affairs. I wonder then what is the role played by the auditors!
I think the Auditors who signed the reports should also be barred from doing any further business. In fact, they must be all be held accountable for their irregularities and appropriate legal actions necessary must be taken against them, necessary punishment must be given to them so that any future accountants auditors would know that a lie will never take them anywhere. The auditors, by signing the account books filled with lies as truth, have made millions of shareholders miserable. Now what morale will last in the employees who are working for Satyam?!
You can see the blatant lies the auditors have written from the following image. They have over inflated the numbers to just gain share value!!!
I believe this is just the beginning. There are many companies in India whose accounts are filled with lies. There is no real corporate governance in India. The government is equally weak in its enforcement of law. This scandal is India's equallent to Enron scandal.
Here are some other controversies in which PwC was named.
