The Hindu : Opinion / Letters to the Editor : Satyam fiasco

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Monday, Jan 19, 2009
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Opinion - Letters to the Editor

Satyam fiasco

The article “When the dog did not bark” (Jan. 16) focusses on a critical aspect of the Satyam fraud — the flaws in the auditing system. Although the virtues of trust and faith are immensely important, adherence to legal standards should take precedence in business.

The scam has provided us an opportunity to remove the flaws in our financial system. Market regulators would do well to make the required corrections to eliminate the possibility of another Satyam taking place.

Pranav Mahajan,

Jammu

The Satyam fiasco has been revealed as a malice which has crept up slowly and steadily. A great deal of attention needs to be paid to prevent something similar from happening in other institutions. Many agencies are now acting to get justice for Satyam’s stakeholders. But they can succeed only if they share intelligence and progress among themselves.

Subramani Pitchiah,

Chennai

In this age of computers, when data can be easily compiled and dissected, it is difficult to believe that the management of Satyam Computers did not leave any trail of its financial misdeeds for its auditors, bankers and the Board of Directors to detect. Adherence to the rules of basic accounting by the auditors would have surely exposed Ramalinga Raju’s murky dealings.

R. Vasudevan,

Chennai

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