Yesterday about 1 p.m. we got the news about the Satyam scam. And the entire office came to a stand still and everbody was glued to the net.
Not everyday we get news about an IT giant inflating its Balance Sheet! I mean, 7000 cr is not such a small amount for heaven's sake! Where did all the money come from? Where did all the money go? How did that escape from the auditors eyes? I don't even want to get into the details... Inflating cash and bank balances is no joke. How on earth did they do it? Its not like inflating fixed assets!
The auditors is another story in itself. As a person entering this profession, I look up at PWC. Obviously many of us, though now doing articleship in small firms, want to get into Big 4 for employment on day. But this issue raises so many unanswerable questions. Even people in the profession like Mr. Pattibhiram are shocked. I mean if they're guilty in any way (which i'm sure they are), then what is our future? Would I still want to get into a job in PWC or E&Y? I don't know! Seriously...
As my boss said yesterday, this is a black mark for our profession.
Thursday, January 08, 2009
IT giant gone down the drain
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2 comments:
Well, heights of corporate insincereity and duping. Its just like how a neighbourhood shopan would dupe everyone - the customers, the government and what not. But of course on a much much larger scale..sad for so many people - the investors, the employees and for the reputation.
Sathej
@ Sathej
Exactly.. a shame for the entire nation
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