Fraud Accounting April 12, 2009

Even today, with so much emphasis on due diligence, full disclosure and transparency well learned from the Asian Crisis of 1997, we too have our own Enrons and BCCI Bank in our own backyards. The Code of Ethics by the Cadbury Committee introduced in 1996 seems to be dumb‐felt by several unprofessional organizations as reported in the media recently. The accountants and auditors had been solely blamed. The company secretary has been extra duty‐burdened to whistle‐blow any accounting gimmicks, as if the directors, whether independent, non‐executive or nominated, were faultless. Soon, the Companies Act 1965 will again be amended hoping to get rid of this slew of shenanigans. Can they be relied to take good care of the creditors, investors and bankers?

Official Website: http://www.gin-my.com/ws_20090413_fi_fa.php