Friday, January 30, 2009

Terrorism - Mockery by Pakistan

Pakistan, Pakistan, Pakistan....arghhhhhh can they not maintain something called consistency in their statements?? I remember them saying no terrorist is in Pakistan and then they arrested a few, and then suddenly they come out and say they don't know where abouts of the terrorists India claims to be in Pakistan....Indeed the world knows they are in Pakistan....

Now read the latest flick on Pakistan's mockery acts -

The story says 124 terrorists were arrested and now they would be prosecute as per Pakistan's Cyber Crime Law... Ah Do they have any Law??

And Further Prosecuting Terrorists under Cyber Crime Law means degrading the severity of offense and thus weakening the case. Well if the probe has established that they were indeed involved then why not charge them as per the Criminal Law? Or is it that in Pakistan there is nothing called Criminal Law (guess so as the rate of activities that are criminal in nature is so high)

Why doesn't Pakistan simply hands-over the terrorists to India??? where they get a better treatment

Thursday, January 8, 2009

Satyam Saga - Shame on Auditors - PwC

Satyam crumpled and so is the trust of investors on the figures as depicted in the Balance sheets of various Indian companies especially IT companies.

The entire episode has created furor across the investors and employees as the trust factor has been maligned, but do we have to blame the Board of directors only? I guess not. In my opinion when the auditors are there to operate and provide independent opinion, then they should do that only.

Downfall of Satyam is not actually shameful for the Board of Directors and Promoters, but also for the World of Auditors. What were the Internal and External Auditors doing for letting this shameful incident materialize? Are not they also party to the downfall?

In my opinion, PwC's (The Auditors in this Case) license to operate as Auditor must be cancelled with immediate effect. The independence of PwC Auditors was certainly impaired and the act has proven as breach of trust that investors and market regulators lay on the Auditors.

It is not only that the Corporate Governance at Satyam failed, it is also that the Auditors compromised and let a company hit dirts.

Certainly PwC must meet the fate of What Anderson met after Enron.