Tell us what you know about Satyam. Please give general information about the company. Then indicate what happened? What strategic and environmental issues are of importance here? What is its significance for the US and for US industry. I'm deliberately keeping my questions unstructured, so your answers will reflect what you know and how well you can present data about strategic issues to people who are unaware. (Present the data as if you are reporting to a person who is intelligent, but has no information about this case).© BrainMass Inc. brainmass.com October 25, 2018, 12:16 am ad1c9bdddf
Satyam computer service Ltd. is an India based company, founded by Mr. Ramalinga Raju in 1987 and it provides consultancy and information technology services to around 650 companies around the world out of which 185 are listed in fortune 500 company. This company is listed in New York stock exchange, and Euronext. The company has 53000 employees and operation in more than 65 countries around the world. Satyam's client included General electrical, General Motors, Nestle, US government.
Few month back the world bank whose IT network was managed by Satyam , banned it for eight years because the Bank found the spyware installed in its finance and HR software has transmitting every tap and click back to Satyam's operation in Chennai. Before this, a US software company specializing in online payment ...
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Satyam Computers Fraud: How did 13,000 ghost employees get by PricewaterhouseCoopers?
One of the more compelling financial fraud stories that unfolded in 2009 was Satyam Computers. Satyam plunged into crisis in January 2009 after its founder stated that the company's profits had been overstated by 97% and revenues by 76%. Satyam had about $672 million of fictitious and non-existent accounts including 13,000 ghost employees.
The $1 billion fraud unearthed at the leading Indian outsourcing firm has spawned fears it could tarnish the image of India overseas as an outsourcing powerhouse. The Indian IT sector generates more than half of its revenue from outsourced work from the United States. Satyam boasts of being the back office of more than 185 Fortune 500 companies, with a network spanning 66 countries. (FYI: Satyam had engaged PricewaterhouseCoopers as its auditors over the past 10 years.)
How did 13,000 ghost employees get by PricewaterhouseCoopers?View Full Posting Details