There is always been a grey area around swiss banks and other closely knit european banking countries , KPMG can make more money by doing audits in such countries(by publishing reports about these countries , raather than targetting countries like India)....Bottom line if KPMG requires more business/expansion they need to come up with better strategies rather than publishing junk reports(one from phantom's database of junk reports!!)
This also brings to light the matter that all liability, confidentiality and other clauses that we agree to abide by when we hire such firms need to gone through in minute detail to ensure that the information gathered during engagements with such entities are subject to mutual discussion and agreement before being published.
Many of these organizations draw their liability and confidentiality clauses in a manner to ensure they CYA.
In my opinion, this is very unethical of such a firm to report. This seems like a design to de-stabilize the Indian economy.
The report should be withdrawn and an apology should be tendered.
Many here have missed the main point of Sri. Venkatesh's essay, because they suffer from the same "India is uniquely bad" syndrome the author is referring to.. He is making a subtle but very important point for Indians to bear in mind. Do not be mesmerised by big names of Western origin, like KPMG. Dig deeper to find a bit more about these "judges" who rank our businesses. What is there resume'? The author is not saying "there is no corruption in India". Such a lot of immature minds... poor Mother India... Amazing, with all this dead weight, she manages to do as well she does.
RE:Fraud Survey - Sri Venkatesh's timely reminder
by DL Varahan on Apr 15, 2008 02:07 PM Permalink
Perfect...we got the point. If you read his last 5-6 paragraphs, he states we should recall the report. I say it should stay on...at least if the corporates are harmed by all the corruption they will raise a stink and close this. Our common people are dead anyway.
This is due indigestion of western country to defame us. What is the credential of such survey? They published the list of most corrupt country of the world every year and we Indian think it is 99.99% pure. If you go in detail they mention maximum corruption in Educational Institutions where I suppose the payment of admission fee or capitation fee as a corrupt practice and they try to compare it with the government funded educational institution where 75 percent fee were funded by the government. But for the US or western Educational institution are self funded and the hefty fees were seen as justified one .I think they are doing it deliberately to prove themselves wise and corruptionless. Rather they should also take into account of self-funded colleges of India as a fair practice. As the time passes away the western people and agencies are feeling restlessness of India's progress. Secondly why they co-operate such a survey the Indian industry should organize them and without their governing bodies permission no industry should allow these fake survey. Government of India should also take this as a serious matter
RE:Government should take it seriously
by vinay kapur on Mar 26, 2008 09:45 PM Permalink
One does not need an expensive survey to prove the obvious.Can the author tell us how much was KPMG paid to find that sun rises in the east.
RE:Government should take it seriously
by Sharad on Mar 27, 2008 07:06 AM Permalink
Well said. They have stated the obvious. CORRUPTION IS A WAY OF LIFE FOR ALL INDIANS.
Yes, India is a corrupt country. What's shame in there. Oue leaders want it to be like that. Infact they set examples which people find hard to emulate while trying their level best. Everybody waiting for the opportunity to turn things best in his/her favour. Jai Manmohanomics voteconomy. These words must find mention in Oxford dictionary thanks to our political-corruption. Did anyone see newspapaer report of Times Of India yesterday-- Govt babus sitting in park playing cards on duty with all devotion , while the report was titled 60% hike. Beggars.
RE:RE:40 to 60% hike he he! Manmohanomics voteconomy
by Sharad on Mar 27, 2008 07:07 AM Permalink
We can't complain about corruption, when we are corrupt ourselves. What are we doing about it?
MDAG should be on top of the list. RIIL stocks rocketed from 500 to 3000, Mukesh immedeately bought a jet for his wife and it went back to 700 levels. These guys play with share holders money.
RE:Reliance Industries
by Nitin Dutt on Mar 26, 2008 07:09 PM Permalink
You are against RIL because it is more successful then you. get my point everyone who gives others is being envied by the taker and this becomes hate. tell me do you really like someone who has become neuvo rich in his lifetime and please do not brag about Tata's and honesty we all know business brings money and power and power brings corruption. anyways Tata got his golden spoon from his grandfathers who exploited every loophole from licencse regime.
