Sanjeev Dudhat (Lawyer) 08 January 2009

Holding one person responsible is like killing a rougue elephant inviting trouble.

This can't bring any change in the system that works for these types of scam on and off.

It needs a deeper and perhaps even a sypathetic probe to find what exactly went wrong.

these things pershaps happen, may be because of bad laws also

Anil Agrawal (Retired) 09 January 2009

Prosecution? Yes. Result? Zero.

sanjeev murthy desai (Advocate) 09 January 2009

Thank you Mr. Y. Prakash

Mr. Shree is right, this is national shame,

one did the mistake it will colapse our dignity before others,

We have only problem of 53,000+ ppls life question, thereis no remady, if it is, there is no use,

sanjeev desai

Rajan Salvi (Lawyer) 09 January 2009

Advocates, Chartered Accountants, Doctors, Insurance Surveyors - being professionals , they are answerable [apart from penal laws] to thier respective bodies like Bar Council, Medical Council. What is the internal regulatory system to control stray persons guilty of professional misconduct? Apart from suspension of practise , nothing can be done . But if a person earns a large amount of money in one scam only, he will not even think of practising again. Rather he need not practice at all. Money should be recovered from such persons so that crime is not profitable. Anybody can commit a crime and obtain money. If the time he gets to spend it is reduced , only that will prove as a deterent.

Prakash Yedhula (Lawyer) 10 January 2009

KPMG, which audits the accounts of IT majors like Infosys and Wipro, doubted the veracity of the confessional letter written by B Ramalinga Raju, the founder-chairman of Satyam Computer, saying the financial bungling cannot be done only by the head of the Hyderabad-based firm.

"It defies logic, one is not sure whether there is much more to it than is written in the letter and whether the letter contains all the facts," KPMG Chief Operating Officer Richard Rekhy said here on the sidelines of a CII function.

It is too simplistic at the moment to believe that the kind of thing that has happened in the company is done by Raju alone, he said.

"It requires a whole battery of people to advance those accounting entries and credit those because you have to involve other people as well like bankers to get those certificates," he said.

When asked whether Raju might have siphoned off funds and he is now admitting to lesser crime, he said it is quite possible but it could be known only after investigation of group companies.

Rekhy said investigation of Satyam companies should be done in such a way it should not hamper the business of IT major. He emphasised the need of an oversight agency for auditors.

Shree. ( Advocate.) 10 January 2009

Is It True about Pricewaterhousecoopers????????

Ethics and business conduct:

PricewaterhouseCoopers ("PwC") is one of the world’s pre-eminent professional services organisations. As professional advisers we help our clients solve complex business problems and aim to enhance their ability to build value, manage risk and improve performance. As business advisors we play a significant role in the operation of the world’s capital markets. We take pride in the fact that our services add value by helping to improve transparency, trust and consistency of business processes. In order to succeed, we must grow and develop, both as individuals and as a business. Our core values of excellence, teamwork and leadership help us to achieve this growth.

While we conduct our business within the framework of applicable professional standards, laws, regulations and internal policies, we also acknowledge that these standards, laws, regulations and policies do not govern all types of behaviour.

As a result, we also have a code of conduct for all PwC people and firms. This code is based on our values and it takes them to the next level - demonstrating our values in action. The code also provides a frame of reference for PwC firms to establish more specific supplements to address territorial issues.

Source:https://www.pwc.com/extweb/home.nsf/docid/8EF4FB5F78E791E18525701B002C814D

Audit and assurance services:

PricewaterhouseCoopers (PwC) has the knowledge and experience necessary to help you with complex financial accounting issues related to matters such as valuations, pensions and share plans, listings, IFRS conversions, and corporate treasury and company secretarial functions.

Our member firms audit many of the world’s best-known companies and thousands of other organisations both large and small. Our audit approach, at the leading edge of best practice, is tailored to suit the size and nature of your organisation and draws upon our extensive industry knowledge. Our deep understanding of regulation and legislation means we can also help with complex reporting issues involving Sarbanes-Oxley and International Financial Reporting Standards (IFRS).

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