That’s the recommendation from the Institute of Chartered Accountants of India (ICAI), as reported by The India Express: “In the high-powered committee report on Satyam scam, we have proposed that internal audit should be outsourced and not be in house so that there is more independence. If the auditor is from the organisation, it is [...]
Tag: fraud ↓
Outsource internal audit for greater objectivity
July 12th, 2010 · No Comments
Category: Governance
Tags: audit committee, fraud, ICAI, India, internal audit, KPMG, Satyam
Internal audit at Satyam
December 9th, 2009 · No Comments
New charges in the Satyam scandal were laid by India’s Central Bureau of Investigation, for “creating fake invoices to inflate revenues by US$94 million and forging company board resolutions to obtain unauthorised loans worth US$265 million” according to this story in Accountancy Age. This comes after charges were laid on November 21 against the former [...]
Category: Governance
Tags: Enron, fraud, India, internal audit, Satyam
Enron chronicle provides some holiday reading
December 27th, 2007 · 5 Comments
I have been on vacation for the last half of this month, and that along with Christmas has resulted in much less activity on this blog than is normally seen. Additionally, I have been immersed in a great book on the Enron scandal, titled “The Smartest Guys In the Room: The Amazing Rise and Scandalous [...]
Category: Auditing
Tags: audit, book, Enron, fraud
Sucks to be Seidman
August 21st, 2007 · 6 Comments
By now, the verdict in the BDO Seidman lawsuit has been covered by all the major industry blogs. All the heavyweights have registered their opinions in this great swirling mass known as the blogosphere. The mainstream media has tossed it around this way and that. There is near unanimity amongst all commenters: Sucks to be [...]
Category: Auditing
Tags: accounting firm, bank, BDO, BDO Seidman, confirmation, fraud, litigation, negligence, receivables
Weekend reading
June 16th, 2007 · 2 Comments
Small Is Essential At 37signals, a company with just eight employees whose Web-based collaboration software is used by thousands of small businesses, there isn’t time to sit around a conference room sipping latte and deconstructing memos. Come to think of it, there isn’t even a company conference room. There are just a couple of cubicles, [...]
Category: Business
Tags: 37signals, consulting, fraud, golf, independence, internal audit, Sarbanes-Oxley

