...build trust. The concepts of freedom of indifference and freedom for excellence provide a theoretical basis for explaining why legal compliance mechanisms are insufficient in 2 dealing with fraudulent practices and may not be addressing the real and fundamental issues that inspire ethical behavior. The focus of the virtues in governance is to establish a series of practical responses which depend on the consistent application of core values and principles as well as commitment to ethical business practice. In my opinion, No one makes it to the top ranks of corporate management without a healthy amount of self-assurance. Confidence underlies decisive, strong leadership, but does overconfidence lead managers to cross the line and commit fraud? . This paper focuses generally on academic business ethics, more particularly on the philosophically-informed part of business ethics, and most particularly on the constellation of philosophically-relevant questions that in form the main conversation and ongoing disagreement among academic business ethicists. ?Ethical Issues in Satyam Scam...
Words: 425 - Pages: 2
...prison in the Satyam fraud case. The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs 20-25 lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal . What is the Satyam scam about? It is about corporate governance and fraudulent auditing practices allegedly in connivance with auditors and chartered accountants. The company misrepresented its accounts both to its board, stock exchanges, regulators, investors and all other stakeholders. Is this an accounting fraud, a market manipulation/fraud or both? It is a fraud, which misled the market and other stakeholders by lying about the company’s financial health. Even basic facts such as revenues, operating profits, interest liabilities and cash balances were grossly inflated to show the company in good health. Who is to blame here? The promoters? The promoters are primary culprits, although it is almost impossible to misrepresent such facts without the connivance of the auditors and some executive board members. Independent directors, it seems, were kept in the dark about the actual books of accounts. What about the auditors? The role of external third party auditors, who were tasked to ensure that no financial bungling is undertaken to carry out promoters’ interest or hide facts, have also been brought to question. Anatomy of a fraud 1. Maintaining...
Words: 3344 - Pages: 14
...A Project Report On “Forensic Accounting And Auditing” Submitted By Durvesh S. Naik Roll No: - 6025 MCOM PART-II (Advanced Accountancy) 2014-15 MULUND COLLEGE OF COMMERCE SAROJINI NAIDU ROAD, MULUND (W.) MUMBAI-80 SUBMITTED TO UNIVERSITY OF MUMBAI ACADEMIC YEAR 2014-15 DECLARATION I Durvesh Naik student of Mulund College of Commerce, S. N. Road, Mulund (W.) Mumbai – 80 of Mcom Part II (Advanced Accounting) Seat no: - 6025, hereby declare that I have completed the project on the title “Forensic Accounting and Auditing” during the academic year 2014-15. The information submitted is true and best of my knowledge and belief. Date of submission: - Signature Place:- Parle Tilak Vidyalaya Association's MULUND COLLEGE OF COMMERCE Sarojini Naidu Road, Mulund West, Mumbai 400080. Certificate This is to certify that Mr. __________________________________________________________ Of Mcom. Part II (Advanced Accountancy) Semester _______ has undertaken completed the project work titled _________________________ ______________________________ during the academic year __________ under the guidance of Prof. ______________________________________. Submitted on _________________ to this college on the fulfillment of the curriculum of Mcom (Advanced Accountancy) University of Mumbai. This is a bonafide project work & the information presented is true/ and original to the best of our knowledge...
Words: 8287 - Pages: 34
...Efficacy of Corporate Governance Contents 1. Definition of Corporate Governance 2. History of Corporate Governance – Pre and Post Liberalization 3. Objectives of Corporate Governance 4. Need of Corporate Governance 5. Framework of Corporate Governance 6. Principles of Corporate Governance in India and in the World 7. Merits and Demerits of Corporate Governance 8. Impact of Violation of Corporate Governance Laws 9. Case Study – a) Satyam b) Pfizer c) 3rd Company 10. Conclusion 11. Bibliography Definition "Corporate Governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources. The aim is to align as nearly as possible the interests of individuals, corporations and society"-(Sir Adrian Cadbury in 'Global Corporate Governance Forum', World Bank, 2000) Corporate governance is the relationship between corporate managers, directors and the providers of equity, people and institutions who save and invest their capital to earn a return. It ensures that the board of directors is accountable for the pursuit of corporate objectives and that the corporation itself conforms to the law and regulations. - International Chamber of Commerce Corporate Governance deals with laws, procedures, practices and implicit rules that...
Words: 25453 - Pages: 102
...A Monthly Newsletter of Indian Institute of Banking & Finance (ISO 9001 : 2008 CERTIFIED ORGANISATION) (Rs. 40/- per annum) Committed to professional excellence Volume No. : 5 Issue No. : 6 January 2013 Mid-Quarter Monetary Policy Review - 18th Dec., 2012 Monetary and Liquidity Measures q The Cash Reserve Ratio (CRR) of scheduled banks remains unchanged at 4.25% of their Net Demand and Time Liabilities (NDTL). q Repo Rate under the Liquidity Adjustment The Facility (LAF) remains unchanged at 8%. qReverse Repo Rate under the LAF remains The unchanged at 7%. q The Marginal Standing Facility (MSF) and Bank Rate stands at 9%. Growth In Q2 of 2012-13, GDP growth at 5.3% was marginally lower than 5.5% recorded in Q1. On the domestic front, GDP growth is evolving along the baseline projection of 5.8% for 2012-13. Industrial activity rose sharply in October due to a low base and festive demand, propelling the growth of both consumer durables and non-durables into double digits. Significantly, capital goods production recorded a growth of 7.5% after 13 successive months of decline. Inflation Headline WPI inflation edged down to 7.2% in November due to softening of prices of vegetables, minerals and fuel. The new combined (rural and urban) CPI (Base : 2010 = 100) inflation increased in November, reflecting sustained food inflation pressures, particularly for vegetables, cereals, pulses, oils and fats. Monetary and Liquidity Conditions Money Supply (M3) growth remained...
Words: 5484 - Pages: 22
...coporateCompanies Act, 2013 Key highlights and analysis Significant changes and implications Companies Act, 2013 1 Contents 04 | Introduction 06 | Key definitions and concepts 10 | Setting up of a company 16 | Management and administration 18 | Directors 24 | Accounts and audit 30 | Dividend 32 | Compromises, arrangements and amalgamations 34 | Revival and rehabilitation of sick companies 36 | Corporate social responsibility 38 | Implications on private companies 40 | Other areas 44 | Sections notified till date and circulars or orders issued Foreword The long-awaited Companies Bill 2013 got its assent in the Lok Sabha on 18 December 2012 and in the Rajya Sabha on 8 August 2013. After having obtained the assent of the President of India on 29 August 2013, it has now become the much awaited Companies Act, 2013 (2013 Act). An attempt has been made to reduce the content of the substantive portion of the related law in the Companies Act, 2013 as compared to the Companies Act, 1956 (1956 Act). In the process, much of the aforesaid content has been left, ‘to be prescribed’, in the Rules (340+) which are yet to be finalised and notified. As of the date of this publication, 99 sections have been notified and a few circulars have been issued clarifying the applicability of these. We are pleased to bring you our new publication, Companies Act, 2013: Key highlights and analysis. This publication brings out the significant changes proposed by the 2013 Act as compared to the...
Words: 22714 - Pages: 91
...ASSESSMENT OF COMPETITION IN CEMENT INDUSTRY IN INDIA RESEARCH PROJECT REPORT SUBMITTED TO THE COMPETITION COMMISSION OF INDIA SUBMITTED BY: SUMIT PAL SINGH MBA (2011-2013) VINOD GUPTA SCHOOL OF MANAGEMENT, IIT KHARAGPUR i ACKNOWLEDGMENT I extend my sincere gratitude to The Competition Commission of India, for giving me an opportunity to intern at the commission. In specific, I thank Mr. Rakesh Kumar, Joint Director (Eco) for being a guiding force throughout this submission and being instrumental in the successful completion of this project. Without him every effort of mine would have been in vain. He has been kind and patient throughout, to share with me his precious time, thoughts and insights. Sumit Pal Singh Vinod Gupta School of Management, IIT Kharagpur ii DISCLAIMER This project report/dissertation has been prepared by the author as an intern under the Internship Programme of the Competition Commission of India for academic purposes only. The views expressed in the report are personal to the intern and do not reflect the view of the Commission or any of its staff or personnel and do not bind the Commission in any manner. This report is the intellectual property of the Competition Commission of India and the same or any part thereof may not be used in any manner whatsoever, without express permission of the Competition Commission of India in writing. iii TABLE OF CONTENTS 1. INTRODUCTION ..........................................................
Words: 19133 - Pages: 77
