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@accaglobal_bot For Uzbek students https://t.me/accauzbekistana f5 https://t.me/f5performancemanagament f7 https://t.me/FRfinancialreporting f8 https://t.me/f8auditandassurance f9 https://t.me/F9FinancialManagment
How to select an applicable IFRSs
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IFRS 2 - Share Based Payments (Summary Notes) relevant for FR & SBR...…
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30 Accounting and Finance Basics that every Accountant should know....
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Latest changes in the tax legislation of Uzbekistan (September 2024)
#taxnews #pwcuz
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EMILE WOLF SBR NOTES
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5_6296490904261761071.pdf
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https://drive.google.com/drive/folders/1f6Q83_a2FMK5NlBz75oTU1Rcbb5ROhJF
Читать полностью…
Global internal audit standards was announced this year in January.
Honestly, I really interested in auditing the companies and think well paid auditors can imagine what all operating processes in business consist of.
Hope, this guidance will be quite useful😉
Satyam Scam: Discover What Exactly Happened In Satyam Case
The Satyam scam was a major corporate fraud that took place in India in 2009. The founder and chairman of Satyam Computer Services, Ramalinga Raju, confessed to manipulating the company's accounts and inflating profits for years. The scam was estimated to be worth around Rs. 14,000 crore and shook the confidence of investors, shareholders, and stakeholders in the Indian corporate sector.
About Satyam Scam 2008
In 2008, the company's stock price started plummeting, and rumors of financial irregularities started surfacing. In December 2008, Ramalinga Raju sent a letter to the company's board of directors confessing to falsifying accounts, inflating profits, and creating fictitious assets and liabilities.
The confession sent shockwaves across the Indian corporate sector and raised questions about corporate governance, ethics, and accountability. The government intervened and appointed a new board of directors to oversee the company's operations. The new board initiated an investigation into the scam and found that Satyam had inflated revenue by over Rs. 7,000 crore over several years.
The investigation also revealed that the company had created fake bank statements, invoices, and other documents to deceive auditors, investors, and regulators. The scam had been going on for years, and several high-profile executives were involved in it. Ramalinga Raju and his brother Rama Raju were arrested and charged with fraud, forgery, and criminal conspiracy.
Impact of Satyam Scam
The Satyam scam had far-reaching consequences for the Indian corporate sector. It exposed the loopholes in the regulatory framework and highlighted the need for strict laws and regulations. The government introduced several reforms to improve corporate governance and transparency, such as The Companies Act of 1956 was repealed, and the Companies Act of 2013 went into force.
Additionally, a new provision for auditor rotation was adopted, requiring auditors to be replaced after five years and audit firms to be changed after 10 years. It also stipulates that the Director's Responsibility Statement should be included in the Board of Directors' Report. Furthermore, the Serious Fraud Investigation Office was founded, which was given the status of a statutory body under the Companies Act of 2013. It is used in India. It looks into business and accounting fraud.
The Satyam scam also had a significant impact on the IT industry in India. It dented the reputation of Indian IT companies and raised questions about their credibility and transparency. However, the industry bounced back quickly and regained the trust of investors and clients.
The Satyam fraud case is a significant milestone in corporate history, emphasizing the importance of corporate governance, transparency, and ethical conduct in the business world. It also had a lasting impact on corporate regulations and auditing practices in India and globally.
Final Words
In conclusion, the Satyam scam was a wake-up call for the Indian corporate sector. The scam led to several reforms and changes in the regulatory framework, which have made the Indian corporate sector more transparent and accountable.
#ACCAExams #corporate #SCANDALS #satyam #india #Reporting #audit #AssociationofCharteredCertifiedAccountants
IFRS 3 - Business Combination (Summary Notes) relevant for FR & SBR...…
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https://youtu.be/c9NvMVFfLbo?si=903X7S5mX-CIDMgU
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AAA Integrated Workbook STUDENT 2024-25.pdf
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🤯 During the job interview, It is so common among most of us to get stuck when we are asked about salary expectations from the job offered.
✅ This video gives the perfect answer for this question.
Watch and learn how to answer in your real life interview.Читать полностью…