"Satyam"ev Jayate
39 Observations:
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:O..I got misled by the title I suppose :P..
But anyway..if she's a friend, she ain't gonna go buttering..so just take the chheeeel pill! :D..
Btw..I was thinkng of designing a header..and a template for yu (I don't really make the header..will find it!..)..if you want me to..gimme the details on-->aayu_rocking@yahoo.co.in :))
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wow, u turn out to be a brainey!!! and u worked for CA?????? CA campus is next to ours!!! but thts a fairly new campus, so guess u were not there! wut is PWC? and happy for your eyes :P so wen r u hitting the roads of Gachibowli?? :P
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i knw what PWC is but whts CA??
wow, satyam is in shallows, thnks for the news, i wasn't aware of it!! Then went back and got to know more about it. But ya such things often pop out during times of economics crisis.
and ya sometimes these calls randomly can make your day :D:D
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@Rajesh
Well already had a huge discussion with dad on the intricacies of finance (After a real long time..first time since I gave my up Chartered Accountancy studies)...So didnt want to pen down all about finance again. Its the most boring thing in the world for me :P
I had really liked what you wrote...so u deserve that space ;) Cheers :)
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@Aayushi
Yeah...I know. :)
Header and Template?? That'd be so cool :) I'll mail you the details tonight...I'm so excited...seriously :) :) :)
But you gotta help me on loading it too.. I'm not really a whizkid when it comes to blogger :P
Hugz sweetie :)
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@Anil
Ahem Ahem... Well if being a Chartered Accountancy Inter qualified means brainy..then I dont know what the fully certified Chartered Accountants are :P
PWC = Price Waterhouse Coopers ....You'll see a lot more about it in the news coming days :)
Didnt work for CA as in Computer Associates (isnt that wat it is??)...Worked for CA as in a Chartered Accountant :P
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@Anil
Thanks..and hitting Gachibowli as soon as I get my license :)
@Val
CA = Chartered Accountant
I know..but being a Hyderabadi, it pinches a bit. And then the whole PWC thing...I mean we were really shocked as to what the so called regulators were doing...will discuss about it in detail sometime on chat if you interested. If not, we still have a lot more to catch up on ;)
Take Care...loads of Hugz :)
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hey dollz thought human body was one of de most confusin stuffs around...now u r tellin me 'finance' structure spits more question marks...hoooo!!! :) de TITLE was really gud...!!! gud...n nice work 4 puttin dis up...!!! n yupp thnx 4 addin 'pwc'2 my dictionary...do teach me wat it actually is de nxt time v meet..cant spent time 'wiki'ying 4 it...i know just dat itz a biiig firm...(dont dare 2 forget ha? or else dishum dishum)
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It does happen all the time... So true, you know. But I atleast expected it not to happen for listed clients... Clients where public money is involved.
And that's the fun about working in the UAE. People say that there are no taxes so what's the point of an Audit? Actually, that's the point. Tax has got nothing to do with audit but we as auditors in India used to only be ruled by one philosophy - Save Tax for the client. So you know what that means from the audit point of view?
I've given more qualifications in 1 year of working in Dubai than I gave in my whole 6 years of working in India. Strange innit?
Btw, strange coincidence. The title of your post matches the title of the famous Great Bong's post on the same subject. See my blogroll :)
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I was hoping more dope on Satyam:(.
And I was shocked yesterday when I found that their auditors were PWC...that means they are also corrupt...doing it for a few last years.
OH Smriti you must go to finance...India needs people like you who cant manipulate.
I wud never advice nayone to adjust to the system, then to there will be no end to this mess, we only need few people who think right and do right, only then some senility will come.
For me yesterday was a worst day of my life, can u believe i bot 200 shares of Satyam yesterday only\ one hr before the mayhem:(
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The way Raju takes entire blame single handedly, I am surprised the role played by accountants,internal auditors and PWC??
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yeah its computer associates. :)
havnt hrd of pwc, maybe some sorta must know thing for u brainees :P yes, anything related to finance and economy cud be digested by only brainees :P
ur eyes are better??
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@Nithin
Sure thing...but what will I get in return?? Free check ups for the rest of my life would just be fiiiinnnee :P :P
Dont find u online these days..where are you btw?? Hiding from me???? :P
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@Rakesh
Thanks for telling me about Great Bong's blog..hadnt seen it previously...great stuff in there :) ESP the "MAGIC" part..I remember my boss going "MAGIC" everytime we came back from audits.
Yeah I know what you mean. I knew you, of all my blog readers, would understand perfectly what I am tryin to tell. And I dont really know what ICAI is doing except change the names of courses from PE-I/II to CPT/PCC...and a new thing...Wishes from the VP of ICAI on every single ocassion....on ur mobile via SMS . All the registered students get those..I stil get those even though I discontinued 4 months ago.
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@Renu
I'm sorry for your loss. I know a few people myself who lost big bucks in the Satyam fiasco. The News channels were covering pretty much the whole deal so anything I'd write wouldnt be new.
You know when we started our articleship, we were flabbergasted at the way things work at CA firms and we realised its all about manipulation and doing that little "MAGIC" to save tax, obtain loan for the client. Audit seems generally immaterial as in the end, everyone gets a favourable report...whatever the client wants. I worked at two CA firms and it was the same story at both places. I knew what goes on at PwC or for that matter even Ernst and Young.
I have never had passion for finance...however my years working with a CA have been a learning experience. Even if me and a few others would want to stick up and try to be the honest ones, there are far more corrupt people than we can imagine. I think my chosen path for a career is something I believe in and I hope I can be a good journalist someday and do a better job reporting, rather than the masala news these days.
Really sorry for the loss. Hope you are feeling alright at least now.... Hope the stock market booms and you get a lot of profit to set off the loss from that share
(btw if u into trading a lot, we can talk about it..sometime)
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@Maddy
Raju thinks we are stupid to believe him that he alone did everything...of course the auditors would know and I can bet they played a part in the whole thing. It is just shameful that the regulators themselves can cheat the people and not do their jobs.
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@Anil
Errr..brainees?? If you say so :P
Yeah eyes are much much better :) So you gonna give me the route map of the roads you talked about??
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You know, ICAI cannot take the blame. An institute is nothing but it's members. And all students get their training from members. So if the members are corrupt, then so will be the students (as you experienced) and this is what everybody learns right from a young age into this profession. Everything goes.
Our text books on auditing, ethics tell a completely different story. Till a year into articleship, I seriously thought that the best way to arrive at the Closing Stock figure was to first calculate the Gross Profit as a %age of sales and then arrive at the GP. I really believed that this was 'reliable'.
You see how much parallel money is there in the economy which leads to almost all financial statements that we prepare right from our beginning student days are cooked to appear 'reasonable' to IT authorities.
And the fact that everybody does it prevents new CAs from holding their ground for the fear of loosing clients. If you don't do it, somebody else will. The best CA firm is the one who has the best contacts in the IT Department - Just see the guage with which we measure CA firms!!!
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really cant believe the Satyam thing. I dunno wht the PWC guys were doin!?
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u need to come all the way to hitech, from there come to gachibolwi. you wud reach a junction from were, u take right you go to infy /ubs /microsoft /capgemini /ISB /IIIT; you take a left you reach mehdipatnam and u go straight, there is a new road open to airport. i was talkin bout this road. een the one that leads to IIIT - it goes till lingampally and its a beautiful road!
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Ek baat batao...u had this conversation on the phone, right? So you actually remembered all this stuff and moreover had the patience to write it down as well? Shabaash!! :D
But nice conversation. And yeah, PwC is heading for disaster. And i also agree with you that finance has no scruples. I see it frikkin every day. It sucks. :(
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@Rakesh
Completely agree with you. Even I had that misconception initially to calculate GP. And I have come to realise so too...my ex-boss is a top honcho in the IT Dept in Hyd. When we went through the copies of previously filed returns , we found a lot of irregularities in them. We asked our seniors that how were such returns even filed, they said nobody bothered to look through such mistakes...our boss takes care of everything. It just sucks..and the Profession is supposed to be all about ethics (as per books at least). I remember how good I felt reading those chapters in Auditing that say about role and responsibility of an Auditor...and in practice, I have seen none follow them as such.
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@Ria
They were doing the same thing when GTB went kaput... SLEEEEEPINNG...or pretending to sleep.
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@Anil
Oh k. Will try it sometime...meanwhile, still waiting for licence :)
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@Reb
Mera naam mummy papa ne soch samajh kar rakha hai. I have excellent retention power :p :p :p
Well we spoke a lot more, havent included all the stuff in there...it was a 25 odd minute talk over the phone and I put in here as much as I could remember. Nothing is fabricated here, mind you :P Patience...I have loads...you need some? Will send some :P
PwC as far as I think is in the dumps now. They should be barred from practice. I know it happens everyday at CA firms but even when you take gambles, they should be calculated ones...not at the risk of other investors. I know...It sucks. :(
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hehehehe
ur ex compnay audited it...lol
thank god ..u left sooner...
going for journalism is a good thing,..but for god sake ..don be a reporter like the ones in TV...
yeh bomb phoota ...ab aapko kaisa lag rha hai ...lol
but satyam...lol
they created a worldwide name for us..and now no one will outsource any IT thing to us.....
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Smriti, I can mourn ofor anything for long:)
My bro keeps telling me that I must read the futures and derivatives and he thinks that if i do it , I will be able to do it well, misplaced confidence I say..have no interest in shares as,My BP rides with their fall:), but my H is addicted to them, and I belong to a family of share brokers:)
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satyam was a real shocker :(
And PWC is going to get even more fire!!!
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the last few blogs I visited and commented were all about satyam.. I thgt even this wld be about it..got to know from this post that PWC have people who dont know how to draft a balance sheet :O...
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@Sourish
Errr...If I ever plan on reporting, I sure hope I dont start talking like that...Haan if I ever take your interview, chances are I might do just that :P
I dont think it will have all that bad effect on IT in general...we have plenty of other companies that have done really well...but surely, everyone outside will exercise more caution. Hyd IT industry is sure to take the brunt of it all, and not to mention the auditors, whose role will continue to be questioned.
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@Sam
Thanks for dropping in here :) And yes, PwC's role in the whole fiasco should be checked more than just a show-cause notice. Every sane person who has even a little idea about corporate governance will know that such a thing couldnt have happened without their knowledge.
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@Unknown!!
Thanks for dropping in here :)
And yes, I know some CAs too who make elementary errors..and they have filed returns of clients with glaring mistakes, which surprisingly the IT dept hasnt noticed...only coz these CAs have a lot of repute and contacts in the dept.
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ohh..I will be honored..and phir tum kaisa bhi interview le lena :D
btw I m not talking abt satyam fraud....what I know and feel..that it is just a cover story hiding the case of data theft from worldbank reported a few back...which is added with the banning of satyam from world bank list much before the scam hit....
that's why auditors dint caught the fallacy...coz it never exists... and govt want to save the face and reshuffle the satyam without actually revealing the data theft case.... so the scammed this cover story...u r a journalist...think !! how PWC can overlook such a big amount missing ??
Well...after reading the title, I expected something more abt Satyam but not as much as I had expected..
Anyways nice read...it was lively...kudos!!!
P.S: Thanks for the 'READ FOR THE WEEK' thingy.. :) :) Sweet of u...