What happened in Satyam and lessons for auditors

More documents

Recommendations

Info

How bogus billing was done?• This system structure bypassed by the abuse of an emergency‘Excel Porting’ system, which allowed 'invoices [to] begenerated directly in IMS…by porting the data into the IMS.'• This system was subverted by the creation of a user ID called‘Super User’ with 'the power to hide/unhide the invoicesgenerated in IMS'.• By 'logging in a Super User, the accused were hiding some of theinvoices that were generated through Excel Porting.• Once an invoice is hidden the same will not be visible to theother divisions within the company but will only be visible tothe company’s finance division sales team‘• Some of the 600 odd customers’ sales were doubled and shown.
Who did it ?• 33 year old assistant manager (finance) Srisailam "gotcreated the 7561 falsified sales invoices ..(and) hidthem from business divisions.. got the data fedinto the systems."• These invoices were "exported to Oracle Financialsfrom where annual financial statements weregenerated."
Page 1 and 2: ByRamki
Page 3 and 4: White collar crime increasing!• W
Page 5 and 6: What did Raju do? -bird’s eye vie
Page 7 and 8: Modus operandi for billing• Compa
Page 9: How bogus billing was done?• Vari
Page 13 and 14: Fake deposit receipts• Investment
Page 15 and 16: Share sale proceeds missing• Rs 7
Page 17 and 18: Fraud/forgery is not new at Satyam
Page 19 and 20: Other angles of investigation• Th
Page 21 and 22: Moneys lent• Ramalinga Raju's bro
Page 23 and 24: Charges against PW• 135 “contro
Page 25 and 26: SEBI on PW• Sebi has found “gra
Page 27 and 28: Regulators• Banking and market re
Page 29 and 30: ICAI• The Financial Reporting Rev
Page 33 and 34: Living in opulence then and NOW!•
Page 35 and 36: The most important lesson• Learn
Page 37: Source• Various news papers• Va

What happened in Satyam and lessons for auditors

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?