Overseas fraud case, the Sarbox implications?

Ramalinga Raju, chairman of Indian outsourcer Satyam Computer Services, resigned after admitting he had falsified financial accounts, inflating earnings for years. Thus far, more than $1 billion is unaccounted for. Satyam, of course, is a major provider of outsourced services to U.S. companies.

So as the world moves toward unified accounting standards, the better to grease the global economy with, should there be uniform integrity standards? A lot has been made of the various moves by many countries to pass Sarbanes-Oxley-type laws. But should they be standardized, at least in some areas? What happens in India is no longer not a concern. Unfortunately, Satyam's auditor was PricewaterhouseCoopers, which has not commented on the debacle. The other embarrassing part was that Satyam had won a corporate governance award. I wonder if it will give it back.

For more:
- here's a New York Times article

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