As expected the so called leaders of the industry sat in judgement of Ramalinga Raju of Satyam. Truth is many of them have not been caught yet, many of them have done it and we have forgotten it.
The only way to creating reliable financial statements is by detaching business management from sales management. In the ego of toplines and higher market caps and short career shelf lives CEO's & CFO's are corrupted, pressurised and very often lured by big money to fudge figures. Unfortunately the accounting profession is still in kindergarten trying hard to figure out how to set a framework of reporting in a multi timezone, multi currency, multi discplinarian and highly complex business environment where day to day events are hitting on the boundaries of fundamental principles of going concern & materiality.
India is not an exception, it is a world wide phenomenon and like we forgot Enron & worldcom, so will we forget Satyam?
Satyameva Jayeta
2 weeks ago
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