This article discusses the recent fiasco of Satyam Computers, its financial and accounting frauds, from different perspectives. It also ponders on the intention behind Ramalinga Raju's actions—ethical issues related. Further, it tries to ascertain the loopholes in the legal fraternity, political factors and influences, and disappearing moral values. It finally tries to draw a conclusion that due to such happenings, people tend to lose their faith in corporate institutions.

A Tsunami in Corporate Sector of IT, the Satyam scandal, has left thousands of people jobless. People who had got used to comfort during their heydays are now struggling to make their ends meet. They are even unable to repay the EMIs. The top brass of the company are safe. It is only the working class of Satyam and the investors who face the brunt. Who, at this juncture, will don the role of a savior and bring these families out of the catastrophe?

The million dollar question that faces a layman is the authenticity in accounting. Whatever might be the standards of accounting, whether Indian or International, the vital point is as to what is bogging down the accounting processes? Do the terms ethics, discipline and sincerity have any relevance in the field of accounting? Though the system of accounting is genuine, there are certain factors that are withholding the truth. There is a need to identify these factors and mend them.

Revolutionary changes have affected the field of IT worldwide. Employees who worked in the IT field were sold like hot cakes in the marriage market. Today, the situation is quite contrary. Parents are unwilling to give their daughters in marriage to prospective grooms working in the IT field. Once a blooming industry, it has now almost turned into a desert with financial crisis on one hand and the Satyam scandal on the other.

Accounting World Magazine, Business Environment, Financial Frauds, Financial Crisis, Accounting Systems, Corporate Governance, Globalization, Privatization, Crony Capitalism, Accounting Frauds, Foreign Institutional Investors, Corporate World, Securities Exchange Board Of India, SEBI, Corporate Sectors.