Accounting Fraud - Bernie Madoff

Accounting Fraud case Satyam Systems, a global IT company ground in India, has just been added to a notorious list of companies mixed in fraudulent fiscal activities, one that includes such constitute as Enron, WorldCom etc. The Satyam ready reckoner Services scandal was in public announced on 7 January 2009, when Chairman Ramalinga Raju confessed that Satyams billhooks had been falsified. The preliminary investigations by Registrar of Companies and confession by Mr. Raju revealed the balance sheet of Satyam for the musical score 2008 contained `cash and bank balances of Rs 5040 crore (US $ 1.12 meg) as against the Rs 5361 crore (US$ 1.12 one thousand thousand) reflected in the books, an accrued avocation of Rs 376 crore (US$ 83.85 million) which was described by Raju as `non existent , an understated financial obligation of Rs. 1,230 crore (US$ 274.29 million) on account of funds was arranged by himself and an misinform debtors position of Rs. 490 crore (US$ 109.27 million) as against Rs. 2,651 crore (US$ 591.17 million) in the books. No oppugn battalion are trade this Indias Enron. How did this happen ? - bid legion(predicate) companies, Satyam had a multiple-step process for pickings customer orders, calculating what the run for would cost and generating invoices.

Managers in contrasting departments checked and cross-checked the figures as they passed washed-up the system. But employees on the accounts due team could also exercising emergency generating of invoices, which bypassed most of the steps. From the setoff of April 2003 to the end of 2008, nearly 75,000 of these save invoices were created. Of these, 7,561 were fraudulent, generated to make Satyam look as if it had more business than it did. The invoices named 11 different Indian companies nevertheless were never received by those customers. From 2004 until the fraud came to light, sales were inflate 18 percent a quarter on average, for a total of about 42.6 billion rupees, or $840 million. Satyam has said the invoices were remunerative through the New York...If you extremity to get a fully essay, order it on our website: Orderessay

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