The Infosys over billing is just the tip of the iceberg. I - TopicsExpress



          

The Infosys over billing is just the tip of the iceberg. I think almost all Indian IT companies must be neck-deep into this practice. The usual main culprit is corporate greed ; added to that are 1. Lack of a regulating body to approve material outsourcing billing here. All contracts must have regulatory approval at both countries. 2. This must be viewed more as a compliance failure at Apple as well. This practice must have been going on for years. 3.The creditor confirmation process is not in their financial audit priority, I believe. 4. The Local statutory audit here , I am sure , must be with one of the char chors. I dont see anything more important thanThe Debtor confirmation in a BPO. If there is failure in this basics, will the Auditor be black-listed? If you cant check the internal controls on Revenue recognition hang yourself! 5. The big-talking email-pushing American attitude.Sox blah..blah..GAAP blah blah IFRS blah blah! Its a shame on the Indian Audit community that an item of this magnitude has happened in an IT company , that talks big on CSR, ethical practices, corporate governance.
Posted on: Fri, 21 Nov 2014 18:00:34 +0000

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