Disappointed.

I suppose by this time every body's shock about the Satyam scandal had lost it's edge. For a lot of people it has been an awful week. Without rhyme or reason a lot of money, credibility and faith has been lost.

I was also shocked to know about such a major, major fraud. 7000 crs is not a small amount in any sense. And even more shocked to know about the role played by the auditing firm in the whole scheme of things. Granted 'innocent until proven guilty' but still.....

There will be an investigation and questions will be asked. The auditors might or might nor be guilty. But that's a different issue. Once credibility is lost, it is very hard to gain it back. However much you might scream your innocence from rooftops, in the minds of people there shall always be a black mark against them.

Why only talk of Satyam's auditors? In this mess Price Waterhouse Coopers are not the only ones to take a beating. The whole profession is. From someone who has an insider's view to how it feels to see your profession be caught in a mud slinging scenario, its terrible.PWC was a brand. To work there was a admirable thing. Other CA's set their standards by how PWC worked. It's as if a mentor has been defiled. 

Right now, for sure no body can talk about the extent to which PWC was an accomplice to the whole plan. It might have been privy to the whole thing, who knows. But just imagine the implication of the situations. Infosys has just released it's 3rd quarter results. Weren't you a little skeptical and paused for a second when they reported a growth in figures? For a split second the thought ran through my mind- I wonder if some thing's wrong? Who are their auditors?

It was still believed that this profession, having so many controls and checks and I suppose even due to small number of members , was one of the last professional bodies in India. I have seen that image fade away so quickly. It will take some time yet until people trust us again.