What happened in Satyam and lessons for auditors
What happened in Satyam and lessons for auditors
What happened in Satyam and lessons for auditors
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Regulators• Bank<strong>in</strong>g <strong>and</strong> market regulators are consider<strong>in</strong>g aproposal authoris<strong>in</strong>g <strong>auditors</strong> to directly verify f<strong>in</strong>ancial<strong>in</strong><strong>for</strong>mation of their clients with banks where theyhold accounts• F<strong>in</strong>‐m<strong>in</strong> go<strong>in</strong>g hi‐tech‐will use computer aided tools todetect frauds. (CAIT) ;• IT dept will use it to identify duplicate values, checksequenc<strong>in</strong>g <strong>and</strong> detect gaps, summarise fields etc. List ofpurchasers who give fictitious entries <strong>for</strong> others to <strong>in</strong>flatepurchases <strong>and</strong> tool will be used to detect such purchasesbased on name, ph no. VST no. etc ‐First test<strong>in</strong>g atHyderabad
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