1、十亿美元假账拷问“会计良心”,谢杰 2006128903 陈志坤 2006128930,印度的“安然门”,2009年新年刚过，印度最具竞争力优势、产业规模位居全球第一的软件外包服务产业的上空突遭晴空劈雳，印度软件外包业的领军企业、行业排名老四的萨特亚姆(Satyam)电脑服务公司创始人兼董事长拉马林加拉朱日宣布辞职。拉马林加拉朱在辞职信中写道：萨特亚姆公司的银行结余存在“虚假”资产和“不存在”现金。资金黑洞大约为亿美元，占公司账面现金总额，但公司无力填补。他写道，这家印度第四大软件服务出口商“过去数年间一直虚报盈利”。仅在去年第三季度，账面盈利就比实际盈利高出将近倍。,案例分析,萨特亚姆公司在
2、爆出丑闻前发布的数据个个漂亮出色。华尔街日报在8日的文章中写道，据萨特亚姆2007财年年报，该年销售额21亿美元，利润约4.3亿美元，增幅达48%和35.5%。而事实上，在2008年第三季度中，萨特亚姆的实际销售额为4.34亿美元，公布的数据是5.55亿美元；公司实际利润只有1250万美元，但公布数字为1.36亿美元，被夸大近10倍。拉朱说，公司公布可用现金11亿美元，但实际只有6600万。,相关责任分析,为该萨特亚姆公司承担财务审计方的是国际四大会计师事务所之一的普华永道会计师事务所。做为一家全球知名的百年老店，普华永道会计师事务所在业内拥有极高的声望，对于那些想在美国资本市场融资上市的公司
3、而言，有了普华永道会计师事务所的财务审计保证，基本上等于迈进了上市的保险箱。正因如此，许多新兴国家和发展中国家的公司为了能够顺利上市融资，纷纷不惜血本高酬聘请普华永道会计师事务所为其上市充当财务审计。,随着业务的快速扩张和当地会计师事务所的不断加盟，普华永道对各地会计师事务所的监管力度明显有点力不从心，导致其财务审计质量令人担忧。最新爆发的印度萨特亚姆公司财务造假事件准确地证实了这一点。 普华永道可以对印度萨特亚姆公司财务造假事件不予置评，但掩饰不住投资者对其财务审计质量的置评。做为业内公认的老大，普华永道应该对企业财务的造假程序心知肚明，象萨特亚姆这样银行结余存在“虚假”资产和“不存在”现金
4、的状况，只要稍加慎重审计，类似普华永道这样的财务审计高手，应该不难发现其中存在的猫腻。问题的关键不在于其能否发现，而在于其想不想发现。,Analysis On Satyam Scandal,How Did Satyam Escape Detection?,Regulators were blindsided, and analysts and experts say there are “systemic flaws” in accounting and audit practices. About $1 billion, or 94% of the cash, on the companys
5、 books was fictitious, Mr. Raju said. Manipulation of the cash flow may be a reason why the fraud was undetected. “Companies have manipulated P&L (profit and loss) accounts before, but cash flow is the Holy Grailyou dont tamper with it,” said Saurabh Mukherjea, an analyst at UK-based research firm N
6、oble Group. “Auditors generally assume if there is cash, things are OK. But there are plenty of accounting and governance loopholes.” India also lacks a culture of dissent, with shareholders and independent directors reluctant to question company founders.,Accounting Systematic Defect,Contrary to pe
7、rceptions that this is a brand new financial scandal, the Satyam fraud appears the latest variant of financial scams involving manipulating information with the aim of duping investors, while involving regulatory and accounting practices not traditionally used in India. Accountants this corresponden
8、t conversed with were emphatic that it was impossible for auditors using traditional Indian accounting practices to be unaware of financial irregularities of this magnitude, particularly over a period of years.,PwCs Defend,The local unit of PwC said in a statement that Satyams accounts were supporte
9、d by “appropriate audit evidence“, according to Bloomberg. “Collusion“ was a common term used by the accountant community. “My first reaction when I heard about the Satyam fraud was how had their auditors kept quiet about it,“ said Ramesh Kumar, an accountant with 19 years of experience in various c
10、ompanies. “Auditors not knowing about a fraud this size does not seem possible, particularly with the confession that Satyam has been doing it for years.“,What Needs to Be Done to Prevent Another Satyam?,Tighter rules for accounting and corporate governance, including appointment of independent dire
11、ctors by selection committees, and greater oversight from regulatory and government authorities. Noble Group also suggests separation of audit and consultancy functions at companiesas is the case in the U.S.and quicker publication of annual reports.,Detailed Methods,Bank balances: certificates from
12、banks confirming the amount balance as shown in the company account books, particularly the bank balance confirmation certificate that the auditor compulsorily has to seek from the clients bank by Indias financial year end of March 31. Cash in hand: the auditor has to physically check the clients ca
13、sh reserves in sudden surprise inspections. Satyam reported a cash/bank balance of $1.09 billion, while it actually only had about $65 million as of September 30, 2008, a gaping hole that auditors using the supposedly superior IFRS mysteriously failed to see.,Outstanding debts: The chartered account
14、ant corresponds directly to debtors, who confirm through a certificate that they owe such a sum to the firm. This outstanding-dues certificate from each debtor has to reach the auditor directly. Satyam auditors seemingly have failed to spot faked outstanding debts worth $99 million for the financial quarter ending September 2008, thereby showing fake profits and duping investors. In other words, Satyam auditors have not apparently undertaken what traditionally would have been the minimum independent verification of the clients accounts as a chartered accountant firm is supposed to do.,
