Omm Pratik Patra, LLM (Corporate & Business Law), Gujarat National Law University, Gandhinagar, Gujarat.
ABSTRACT
The global prevalence of fraud spans across continents and industries, affecting organizations of all sizes. Following the Enron scandal, corporate accounting fraud emerged as a recurring issue, eroding public trust in capital markets. The case of Satyam Computer Services Limited mirrored the Enron debacle, underscoring the impact of fraudulent financial reporting on businesses, stakeholders, and market integrity. The 2009 Satyam scandal triggered discussions on the role of CEOs, their relationship with boards and committees, and the significance of robust corporate governance. This incident highlighted the need for regulations governing audit committees and board responsibilities to mitigate fraud risks and uphold financial transparency. Fraud, encompassing various deceptive and unlawful behaviors, demands attention to foster ethical business practices and prevent financial crises.
Comments