Is Satyam, PwCs' Nemesis!

What is most ironical is, it seems there were many glaring matters that were staring at the eyes of any Prudent Auditor and prima facie it appears they were callous in not pointing out matters and at least attempting to Qualify their Audit Report on those counts.It seems a Qualification of the Audit Report would have been justified on these counts at least:1. The veracity of the reported figure of number of employees in the company touted at approx 52k!Did PwC not verify this and find it inconsistent?If yes (as is now being reported in the media) how come they issued a clean report?2. Surely the benami transactions must have been reflected on the Balance Sheet under "Loans & Advances".Did the auditors verify these? Did they obtain justifiable documentary evidence and purpose of such loans and interest etc in order for them to not Qualify the Audit Report?After all it is a Balance Sheet Audit as well as Risk Based Auditing and is reasonably expected to render a true and fair view of the Financial Statements?3. Did they sensibly obtain a Letter of Representation on specific issues year-on-year of its audit of this once prestigious client?4. Why is it that Satyam was paying PwC an Audit Fee twice as much as what Infosys and other competitors were paying its External Auditors for such similar audits of those entities, as has been reported in the media?5. Was PwC a party to all this and more in its Audit of Satyam's Books of Account?6. As per Auditing Tenets:a. An Auditor is a watch dog not a blood houndb. Rocks lie beneath, straws float aboveHow come a carefully crafted Risk Based Audit Approach through the process of Observation and Enquiry followed by Substantive Audit Procedures & Adequate Documentation not yield answers to basic issues legitimately meant to be asked by any Prudent Independent Auditor?7. Were PwC as External Auditors ignorant or complicit?OrIs it that there are so many loop holes in the Companies Act and Audit Guidelines operating in India that it is possible to get away with murder and quietly pocket Audit Fees and move on from year to year and continue to generate reams and reams of work papers of no consequence?8. What about Quality Control? In seven years of Audit, was SATYAM never picked up for a Quality Review of working papers and the audit?9. Were Engagement Partners never rotated?10. Were they not aware that this is a Sox client due to its being listed on the NYSE?11. What kind of Sox audit did they perform on Satyam? How SAD if on any one of the above questions raised, PwC was found lacking!!!There seem to be one too many faux paus to a Chartered Accountant and any man of ordinary prudence who knows about Financial Statements & rudiments of Financial Auditing that all this could escape scrutiny during an audit.I say all this based on the suggestions from the emerging media reports on the matters reported so far.The facts and ground realities of the audit and circumstances may be some thing else.Time will tell, for sure.It would be interesting to see how PwC offers its defense to such basic questions about auditing and many more as matters surface! It’s most certainly going to be a rough and long winter for PwC.It is fearful what could happen to one of the Greatest Accounting Firm world wide as it tries to resurface from this awful bad quagmire!Sad it had to happen to PwC! I am very sad! That a few rotten professionals associated with PwC could have tarnished the name of Pricewaterhouse Coopers world wide due to their callousness and highly negligent behavior, if that at all be the case! PwC is no doubt one of the very best Institutions and Firm to work for and to be associated with.I sincerely hope and pray that PwC will be able to come through this difficult chapter and punish and disassociate itself from the erring members of its firm so that it can continue to be one of the Best and Leading Accounting Firms there is, world wide!I hope ICAI will not have reason enough to black list the firm due to a few irresponsible members of this venerable Giant and a Great Auditing firm.I still remain a sincere well wisher of PwC despite all of these tragic finger pointing that is happening to PwC from various quarters almost on a daily basis.

Shah Mahmood Qureshi

Shah Mahmood Qureshi is one of the craftiest double edged swords in the world of Diplomacy, if he has indeed made such sweeping statements and utterances!He has managed to expose Pakistan as a "Genuine Fair Weather Friend" of the US.How sad?Such statements have exposed to the world what the shell nation of Pakistan is all about and leaves no doubt in any one's mind what it can do as a Sinister Rogue Nation!It has the cheek to attempt to openly Black Mail the US, just because of a change of leadership in the US!Let him know and understand that Every American President is a Patriot and if Pak tries any fancy stuff or another it will be weeping very soon.Imagine Pakistan (a nation whose coffers are truly empty and living out each day on dole) has the guts to Saber rattle the US and India?If the media reports are accurate this is indeed Very Interesting! Indian Government keep up your pressure on this your Western Neighbor, the tactics employed by the Honorable Shri Pranab Mukherjee and his team are working well to win India much deserved credibility in its fight against International Terrorism of which Pak Officialdom is the principal perpetrator!Jai Hind!

Pak's Querishi

If you notice the face of the Pak Foreign Minister depicted you can almost read what he is thinking!I tell you he is flustered at India's recent success and guts in International Diplomacy, which is driving him insane and nuts almost to the edge of a precipice to make silly statements that even China will not take seriously! Coming from him!Its all his own and Pak’s wishful thinking I should like to think that they have China to buddy up to!The rate at which they are committing international faux paus these days pretty soon they will become a liability for any Nation they desire or choose to be associated with!I should like to postulate pretty soon this man is going to start singing/crying n front of the media......& perhaps a camera man may catch him scratching his head wondering what he can ever say to get on the right side of things....don't you think?May be he will start singing: "Ba, Ba, Black Sheep, have you any....."It’s sad to note that within a year plus since the assassination of a Great Leader: The Late Benazir Bhutto, this “Nation” called Pakistan has flip flopped in so many different ways that it does not know which way to turn! A bungling President and PM and now a bungling Bureaucracy! Wonder when ISI will do a cart wheel and have a humpty dumpty fall…..soon I should like to think!In retrospect I am reminded of what India’s NSA (Mr. M.K. Narayanan) told Karan Thapar of CNN-IBN during an interview some time back:“General Pervez Musharraf at the helm of affairs in Pakistan was better for India”.I wonder if the people of Pakistan will ever reap the benefits of a Genuine Democracy!

Malegon Blast ATS Report

Its a relief that this report made it to the light of day with out much delay!Sadly the haters of Mahatma Gandhi: the Father who fought for a Secular India, took umbarage & shelter within the BJP sub divisions and engaged external merceneries to carry out such dastardly plans infiltrating the Army and bright young minds.Glad this dragnet got exposed!Now India has to watch out for Nepal too.....Terrorism truly knows no limits nor can it be defined only as an Islamic exclusivity!Hats of to a Hemant Karkare and the Maharashtra ATS for relentlessly pursuing these evil people.His death and loss though sad was not in vain!All those Brave Hearts of ATS who died on 26/11 does every Secular India the Globe over, Proud!Saluting you,Sincerely

Is Sanjay Dutt a Politician in the making?

AN OPEN LETTER TO SANJAY DUTTDear Sanjay,Easier said than done, Bro'!You are indeed brave and venturesome!Kudos for that, hope its not just a flare that will die out before the year is out....You have a good heart but the idea of Obama and Obama-mania calls for much, much more. You also need to understand Governance and cannot afford to be impulsive....I am not discouraging you but PLEASE do not try to short cut your way to it by hoping to strategize it with a Munna Bhai & Circuit and Cronies style to get to your real life Political Goal. Catch phrases such as "Jaddu Ki Jhappi" etc will only put you in Sarah Palin mould and not Obama Mould. Reel Life is not REAL Life...ask California "Governator": Arnold, he will tell you!Suggestion: Perhaps Arnold may be a better choice to model after and an appointment with him may be worth it than a sitting with Obama. It may be more believable and realistic as well as transformational and achievable in Indian Politics given your personality type.Not all politicians have to be in Obama mode to change the world. We need Arnolds too...You also need the likes of a Rahm Emmanuel, David Axel Rods and David Plouffe type characters to believe in you for starters....to make Obama-mania and Indian Mania.I would like to think some in the Indian Political System have been slaving away at Obama style and approach silently and steadily and are several miles ahead in the race and are already on a trajectory. They envisioned and caught the Obama fever much earlier. They have a groundswell of support in India among the poor and the masses and are well on their way and believable. The faces of Obama Style may come to light and to the world from the election process of 2009 itself? At the moment such folks prefer to remain incognito and be a silent worker, even avoiding giving media interviews. All this is good signs. The best leaders are carved in obscurity. You should care not to be impulsive. My advice is keep natural tendencies at impulsiveness far from you. Its one of your known threats & weakness to succeed in Politics and those who have an axe to grind and are close to you right now in politics are exploiting it to seek their own self serving ends. So do not become a Bush Style Politician without your realizing it you are walking on that path by being impulsive.There are several rising Obama style stars in the Political Parties you unfortunately chose to ignore in your Political Plunge....do you know the persons I am referring to....Take some Guesses!These persons may not have an Obama like credential but are gradually and steadily chipping away at that style and are finding success in casting it into a Indian Grass Root Mode and are winning accolades as well as brick bats.Yes such individuala are getting ridiculed, called a 35 %, a fool, ignorant etc, etc, etc but they are silently chugging away with their heads kept down and working hard. Actually all the negatives hurled at them are good signs as they trudge along on their own "Dandi March" across the Nation and are always self evaluating and improvising based on valuable critisism!Pretty soon the Political Landscape in India will change and change for the better. The Aya Rams and Gaya Ram days of the old are getting obliterated what with 26/11 and Malegaon helping the cause. A new band on Smart Indian Politicians is on the Anvil. I can feel it in the air and I am Jubilant about that prospect and REAL CHANGE in years to come!Don't get me wrong....I think you are a great guy and very personable. Indeed I wish you well in your new venture but....not an Obama Model Wish at the moment BUT surely an Arnold Model wish into Indian Politics!Jai Hind!

Will it be a BJP led coalition again in 2009?

Dear Editors of CNN IBN,This video is appalling!!! We Indians take up issue with Taliban and fundamentalist Islamic folks.What is happening and what can happen under the banner of BJP and its various sub-divisional entities is equally harmful to the Nation's Secular identity.In India any thing is possible at the elections and given that reality I think even if the BJP or its NDA alliance or if it happens to be a newer Alliance they need to take a swift stance and the attitude should be reflected in their Manifesto namely,1. "WE WILL NOT HAVE Sushma Swaraj and her brand of Hindutava's imposition on the secular folks of the Country."She may have an eye on the Minister of Information & Broadcasting Ministry and would surely issue gag orders to the freedom of the press etc if the BJP were to get a sweeping victory at the polls. Again I say this 'cause any thing is possible.2. Lets hope for the very best that the BJP will be sensible this time around by distancing polarizing people in their government should it so happen that they are the ones to rule India for the next Five years...3. I am expecting to hear very soon that the "Moral Police" who beat up the youngsters in Mangalore were "disguised congress and UPA elements".4. The BJP is seriously providing a lot of fodder for the people of India to consider at this coming elections and causing us to take a long, hard and deep look at them! I wonder if the Secular forces within the BJP want that, what with their sub divisions active in Malegaon, Burning & overseeing the gang rape and killing of a Nun in Orissa: Kandhamal, regular atrocities being committed on Christians in India, all over and many other known and tangible episodes.PLEASE PLEASE do not start blaming the UPA and all that dear BJP and FIX your party instead. 'Cause this is India and it is a known fact that you do wield undue influence over the polity and most likely you will come to power whether it is a digestable reality or not.Nevertheless if you do come to power please pretend to be Genuinely Secular for the Next Five years and put your best foot forward (I am assuming that that BJP foot would be the secular foot....) In the midst of all this many a Secular Indian wants to bash up Rahul Gandhi and other youngsters in Politics who happen to be politically connected and are in Politics but surely they would not perpetrate such heinous and dastardly acts as narrated above and bring down the country's image in this manner??? At least the Congress and the UPA are secular!Sincerely,Sd/-[A Secular Indian appalled by all that is seemingly possible in the Land celebrating its Republic Day!]Will we ever change 'We ARE "LIKE THIS ONLY"'! and "Hum Nahi Sudharna Chahate Hein!"

"We are 'LIKE THIS ONLY'!” & “Hum Nahin Sudharna Chahte hein!”

People from the Indian subcontinent will instantaneously assimilate the sense behind both expressions in the Title Phrase....and how deep set it is and runs in the fabric of the Society in the many people groups from the SAARC region (Member Countries are: Afghanistan, Pakistan, India, Sri Lanka, Maldives, Nepal, Bhutan and Bangladesh) in varying degrees, to the detriment of progress in all spheres of activity in the region and extending to the world as well.

After all "The World Is Flat: A Brief History of the Twenty-First Century” (by Thomas Friedman ISBN 0-374-29288-4), which is true and any symptoms in a region of the world have global implications, like it or not!

Often times we say "We are Like This Only! Or Hum Nahin.." and laugh about it and move on...but I like to stop and think there is a deeper systemic problem we are ignoring in that phrase and message often ignored to our own collective failings in matters concerning the Region that encompasses SAARC. I believe this is a region that offers a lot to the world community and can even do more but for the deep set impasse that runs like a dagger across its fabric.

The WESTERN NATIONS have been seriously concerned about another collective scourge in the African Continent for a long time: Poverty, Mal Nutrition, AIDS, Illiteracy, backwardness until they decided enough is enough and they collectively rallied as Politicians (case in point:Mr.Tony Blair, former UK Prime Minister) a Musician (Mr.Bono), an world wide icon & Entrepreneur of the IT world named Bill Gates, a former US President: Bill Clinton, a Media Personality (Oprah Winfrey Andersen Cooper of CNN ) Many Hollywood Actors and other prominent folks such as Rev. Rick Warren, Rev Franklin Graham; all saw how serious the problems of Africa are and how it affects the rest of the world and they acted upon it with great gusto. and the uplifting ongoing changes and positive results emanating from Africa are self evident.

They did this through a movement and by spontaneously mobilizing and infusing large dozes of Money, Time and Effort to deal with that huge challenge rightly identifying it as a scourge in that region. What is even more unique about the movement is this was not a State sponsored event. It was Empowered Individuals from different disciplines in life coming together to help alleviate the People of Africa's from their sufferings.

No doubt the SAARC Region also has similar challenges as in Africa and they are alarming too but I think there is also another Big Problem that is unique to the SAARC Region and it has been flying under the radar for a long while completely ignored. That problem is "We are like this only" and "Hum Nahin Sudhrenge"
(To those who do not follow the Hindi Phrase, translated it means: sheer obstinacy and resistance to any change.)

Some likely factors are:

1. Centuries of ruling by different conquerors over the region and suppressing the people’s aspirations....2. Socialistic vision of each country's founding fathers by intentionally marrying Former USSR style Communism (now non existent) with Capitalism...Of Course its worthy to note that change has been ushered into India in particular, by progressive Congress and BJP leaders (Dr. Manmohan Singh and AB Vajpayee & others), Bureaucrats and Entrepreneurs’ since the last 15-20 years....but still the old die hards of the old order keep pulling the Sub Continent Region down!3. Fundamentalist Religious reasons, illiteracy, ignorance, abject poverty, politicians exploiting people groups for vote banks, social stigma all chip in too.....to add their twist to the Symptom & long standing Malady.

To deal with it, the WEST need not come calling. There are enough and more people from the Sub Continent Region who can empower and bring about the change as was done in the case of Africa.
A collective vision is needed and the Media could influence the change spear headed by Private Channels, Entrepreneurs’, Film Stars of Bollywood and other Regional Cinema and Celebrities from different walks of life all coming together to make concerted efforts to rid the region of the scourge. One can look at Indian Idol and similar other Regional TV programmes to notice the galvanizing effects of such events in the Region.
Can an AFRICA style mobilization which was actioned by the WEST be adopted by the Media, Entrepreneurs, Bollywood, Corporate Giants from the Region, Intellectuals Authors & Economists like Dr. M Yunus (of Bangla Desh) & Arundhati Roy, The different Khans of Bollywood, A Mohanlal, Ambani...... imagine all of them from the Sub Continent come together to do some thing about changing "We are like this only"!?

A dynamic, deliberate and ongoing effort to rid this Symptom from this important region of the 10/40 window would usher in faster & lasting change?

Its time that the Sub Continent came into its own.....and there is a lot of hard work needed to make that dream a reality.

A 26/11, Malegon Blast, Hindu Maoist Nepal, Jihad-ism in Bangladesh, Religious Fanaticism as demonstrated by the Indian Taliban: Mutalik of Ram Sena, deeply entrenched Corruption and Nepotism in Government across SAARC Nations (the lone Bhutan being an exception), Seperationist tendencies in the SAARC region, The breeding of Satyam's Rajus ...all continue to multiply and breed in this region partly due to "Hum Nahin " or "We are....only!" mentality.

Dear Reader, I hope there is enough fodder for thought in the above paragraphs to provoke people to agree and hope that in due course of time we can all see a dream realized in the positive upliftment of the SAARC region from the scourge!

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