Satyam’s Fraudulent Financial Statements
A Fraudulent Financial statement is generally defined as the deliberate misrepresentation of the financial situation of an enterprise to mislead financial statement users like their stakeholders. They might be committed due to the situational pressure, perceived opportunity or a way to rationalize the act as justifiable. One such example was the Satyam scandal, in India which occurred in 2009. Satyam was an Indian IT and accounting firm. The main culprit for the scam was Ramalinga Raju who was the CEO of the company during that period. The company falsely increased…read more