It appears to be story of the fence that ate the harvest. So in the case of Satyam’s auditors, it is a case of the watch dog shifting loyalties. PriceWaterhouseCoopers, an internationally acknowledged firm of professionals, have been so negligent in their duties that they have tarnished the image of a noble profession.
Times are changing. Greed has taken over and professional ethics are being ignored. A battery of twenty five lawyers is busy out there, struggling to read between the lines and looking for potential loopholes in law to bail out Ramalinga Rao and his accomplices. The legal profession, whose main job is to uphold the laws of the country, is trying to crack the laws to shield the criminals.
Window dressing the balance sheets, under and over invoicing, deflating the liabilities, inflating the assets, etc. have become part of the game plan that business houses are resorting to determine the value of their shares in the market. This is tarnishing global image of India Inc. in this era of globalization. Corporates needs to practice self regulatory mechanisms and ensure absolute transparency to retain their brand equity in the market place. Institutional controls are only complementary.
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