andyn

Satyam Shakeout - Barron's

No doubt the company founders and maybe a few insiders are responsible.
But blame also lies squarely on the auditor PriceWaterhouse.
How can they miss a $1B cash hole? That too, for several years?

As an investor, you trust that the books are properly audited and that the numbers are right. Even analysts - who are supposed to be the experts in sniffing out issues with balance sheets - missed this huge issue.
If that's the case, maybe the entire accounting system needs to be thought about.