Else you will have problems in Married Life leading to Divorce, forced/Avoidable illicit relationships, Increase in Enemies, Decrease in Good Friendships, Problems with Police and Courts, Problems related to Children, etc.
You can see this in the Case of Americans and the West in General. And It is creeping into Indian Culture as well. Ex: The Sovereign Debt to GDP Ratios of Japan is 187%, USA is 75% and UK is 48%.
Ask any Elder and you will know these things have increased Even in India since the Last 40 years. It is All because of Tax Exemption on Homeloans to Employees by the Govt of India.
Insider trading through selling of shares clearly indicates ASMurthy's ethics, & Indian Government does not wish to punish the true fraudulent persons. There is involvement of all top officers of SATYAM in the fraud. Just we have to determine how much is each persons share in that ? This is clearcut cheating with shareholders' class. Why there are CAs, if they cant find planned, systematic and hidding fraud. The same training they got while doing CA through articleship. In actual practice, CAs are the persons who told businessmen how to do the fraud and how that should not have to came on the face, not only for 1 but for 7 years. There will not be possibility that any person being mastermind in hiding frauds through manipulation of accounts, & he is not the CHARTERED ACCOUNTANT. Because, CAs are the mastermind dogs from whom nothing can be hidden, even a slight smell of fraud of ONE RUPEE, CA named dogs can smell. In this computerised world, whether authentication given by Chartered Accountants shall be regarded as valid ? It is mostly possible that Raju has prepared multiple accounts. Raju's multiple accounts had been definitely prepared by the CHARTERED ACCOUNTANTS, that is the real case. And instead false accounts being showed to shareholders of SATYAM. How much bribes had been taken by Chartered Accountants should have to be disclosed. Financial transactions of CAs with Raju should have to crossexamine. WHY THERE ARE CAs IF THEY CAN’T SMELL FRAUD, AS WATCHDOG ?
Re: WHY THERE ARE CAs IF THEY CAN’T SMELL FRAUD, AS WATCHDO
by Ritesh Mishra on Mar 18, 2009 11:37 AM
Good Question ..
but why are so many Engineers ? when they cannot construct a Good Power Plant ..all chinese firms are doing so much business here and Our engineers from Great NTPC's and Reliance and Essars are Sitting .....and smiling and squatting !!
Re: Re: WHY THERE ARE CAs IF THEY CAN’T SMELL FRAUD, AS WAT
by Anushree Gaikwad on Mar 18, 2009 01:35 PM
There is vast amount of difference between quality of work & breach of law which has sentenced to the jail.
Have you ever find the Chartered Accountant with ethics ? NO!!!! NOT AT ALL!!! ICAI does not willing to produce any Chartered Accountant with ethics & this is deliberately, especially in the procedure of creating Chartered Accountant. When ANNUAL REPORT of company published, there is emphasis on Auditors' Report & considered it as most valid & valuable document, but this is not the case with Director's Report / Corporate Governance report. Also, without full information regarding all financial transactions, the Chartered Accountant can not prepare the accounting statement & after preparing that it is going to be shown to shareholders. How many Chartered Accountants are facing legal charges in courts, since its inception should have to come out. That number is in '000s. What action ICAI had taken against their members, also should have to come out, & what amount of time span is gone in waste. Also, all CAs prepare false accounting statements, is the wellknown fact & by that means only they are rich enough. Calculate what they get from their ordinary services like Accounting ( all persons in world do that ), auditing fees, taxation matters and then calculate how much their property, especially in the name of family members as they can not make other business while working as a Chartered Accountant. THERE IS NO CHARTERED ACCOUNTANT IN INDIA WHO HAS THE ETHICS.
Re: HAD ANY PERSON SEE THE ETHICAL CHARTERED ACCOUNTANT ?
by Smart Man on Mar 18, 2009 11:23 AM
Looks like your CA boss has not given you any increment this year. Comeon Anushree Cheerup !!! THis is a bad year, so be positive.
Each financial activity made open by clients in front of Chartered Accountants & without that no CA can prepare clients accounts & if there is fraud then can't save client from frauds / misrepresentations, etc. So, enquiry of all registered Chartered Accountants all across India in connection with all listed companies should have to be carried out from last 10 years. They me be internal auditors or external auditors or CAs appointed in the company & who are on the rolls of company. Also, Chartered Accountants hide the frauds, by taking bribes in percentage terms which they demand from clients directly. All these CAs are produced by most worst & corrupt organisation in the world i.e. ICAI, whose system is now at that stake where it should have to be dissolved permanently, as it can not be erected & no overhawling is possible furthermore & should have to be replaced by any educational institution like INDIAN BUSINESS SCHOOL, Hyderabad. CROSSCHECK ALL THE CAs ACROSS ALLOVER INDIA & PUNISH THEM WHEN THEY FOUND GUILTY.
Indian Business School is ranked 15th in International educational institutions; that is the proud moment for India and that is the topmost achievement for any Indian educational institution. Also, it is surprising that Indian Business School overtakes IIMs, IITs like great educational institutions and paltry educational bodies, whose quality structures are in dolldrum, like ICAI, ICSI, ICWAI, etc. It is better for INDIAN GOVERNMENT that they should handover the responsibilities of ICAI, ICSI, ICWAI to Indian Business School & link Indian Business School to apex bodies and dissolve ICAI, ICSI, & ICWAI, so that no malpractices will happen in forthcoming bright future of corporate culture. Also, it is also desirable that all charters given to these three i.e. ICAI, ICSI, ICWAI, organisation members should have to be withdrawn permanently. At the moment of charters given to members of these third class educational institutions being taken back all black money will came into the system as white money & no special efforts will be required to overcome economic crisis. Government must have to pay attention to this important issue. ICAI is the institution which is 100% responsible for the parallel economy running in this country. If Ministry of Company Affairs is unwilling to this, then it is the presumption that ministry also part of the fraudulent system & their intentions were not to curb the malpractices but to proliferate the same.
Re: ICAI IS 100% RESPONSIBLE FOR PARALLEL ECONOMY IN INDIA
by Ankur Khanna on Mar 18, 2009 03:36 PM
Anshuman
1. It is Indian School of Business (ISB) and not Indian Business School
2. For your info, the dean of this school was an independent director at Satyam. So before suggesting ISB as the head of all apex bodies, you might want to reconsider your views.
Re: Re: ICAI IS 100% RESPONSIBLE FOR PARALLEL ECONOMY IN INDIA
by anshuman on Mar 18, 2009 03:57 PM
This independent director resigned after he acknowledged himself about the frauds, my I right ? And by his resignation, the matter came on front otherwise CAs perpetrate frauds by taking more initiative.
Re: Re: Re: ICAI IS 100% RESPONSIBLE FOR PARALLEL ECONOMY IN INDI
by Ankur Khanna on Mar 18, 2009 06:29 PM
I might be wrong here but i think that -
The Independent director achkowledged only after the whole fraud was out in the open. I am not sure if he would have acknowledged if the scam hadn't broken out.
It started with Merill Lynch DSP (not clear about the name though), and then a whole lot of other investors doing off with their investments in the firm within a short span of time after Satyam bought Maytas.
I am not saying that CAs are not responsible, but just that the other independent directors are not without blame.
As per M. Damodaran, expert committee of ICAI should have to examine affairs of SATYAM. But, that is totally ruthless & useless because this is matter of shareholders belief on SATYAM & auditors of company regarding their investments. How many CAs have relationship with SATYAM in last 10 years, that number should have to come in front. Also, most of the time it is found that Institute of Chartered Accountants of India always remains behind members of ICAI, that is history whether they had done fraud/not. There is no validity to reports of such committees formed by other expert members of ICAI. THIEVES are going to be crossexamined by another THIEVES. One important thing is that financial activities in SATYAM board members & CAs should have to be taken into consideration. How much amount, previous CAs got from SATYAM as white money/ black money and how much amount will be taken by expert committee suggested by Damodaran must have to be enquired. Not only in corporate sectors, but in cooperative sectors also, many CAs are found guilty (number in 000’s) in which case, CAs facing legal charges. Ban Institute of Chartered Accountants of India totally is ultimate solution regarding SATYAM case. 99.99% CAs prepares false accounting statements is worst scenario of Indian corporate culture. Not only SATYAM, there are other companies are also in fray. Each client discloses all financial activities in front of CA, may be internal/ external auditor/ appointed employee CA on payroll.
Ban Institute of Chartered Accountants of India totally is the ultimate solution regarding SATYAM case. Not only SATYAM, but other medium size & large companies also are in fray. Other major companies suspected in line of SATYAM are Infosys, Reliance Industries, Reliance Capital, Zee Telefilms and Adlabs. ICAI should have to be dissolved completely & charters of all CAs should have to be taken back, using same law used for creation; use that law for dissolution of ICAI. There are lot of malpractices evidenced in ICAI, not only in operations of working CAs or on job CAs, but in the educational department of ICAI also. Instead of ICAI, there are other institutions also, like INDIAN BUSINESS SCHOOL, Hyderabad, whom authorities can be given & linked it to international apex body. Ban ICAI completely & take back charters given to all current CAs. The system established by ICAI is most currupt & worst system in the world. That is most important thing for much better, cleaner & faster corporate & cooperative sectors culture. In cooperative sectors, working of CAs is totally indulging frauds. In how many scandals ( girls & ladies ), how many CAs are involved, many people in this country are aware of. This educational institution (ICAI) is in actual practice, not a governing & educational institution, but the DARK SPOT on EMERGING ECONOMIC INDIA. THAT ICAI SHOULD HAVE TO BE ABOLISHED. 99.99% ICAI system made Chartered Accountants are corrupt & prepare false a/c statements in India.
