Explain the fraud

Accounting Theory
Night 5 – Satyam

Briefly answer the questions 1-3:
Explain the fraud
What was the impact on the financial statements? What accounts were wrong?
What journal entries were wrong or omitted?
Who took the money and how much?
The Audit: Where Did They Go wrong –
PW India have to follow PCAOB Audit Standards – this was India?
Accounts Receivable: PCAOB standards and India Audit Standards differ little concerning Confirmations. Did PW India do anything wrong? (AU 312.16,312.17,316.28, AS No. 13…India AAS No. 30/SA 505)
Finding the Fraud: Under U.S. Standards, what is the auditor’s responsibility to find Fraud? (AU 110 & AU 317)
Were there any related party issues and what should PWI have done about them
Did PWI control the work outsources appropriately?
What about the Corporate Governance Structure and Corporate Culture Allowed the fraud to occur?
Just think about this: Did the punishment fit the crime? Are there cultural issues that impact your answer or the punishment

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