Many would contest this statement but for two contrary reasons. A few would say that this is gossip and fiction, that only a single set of accounts was maintained. Others would argue that this was incorrect for two reasons: it was not “some”, but many who followed this practice, and that it was not only in “earlier days” that this was done. Whatever the history and facts, is it now time for a third set of accounts?
Of course, fudging is now difficult because of requirements to have accounts audited by an independent firm, for transparency and to fulfil other compliances. Another safeguard is the possibility of cross-matching various figures, thanks to the growing digitisation of the economy and the tax system. Yet, smart operators find loopholes to cook up figures. Though many frauds are exposed, indicating that the monitoring systems are functioning, we do not know how many get away.
In many cases of accounting fraud, the promoter is the perpetrator, making money at the cost of the country (by evading taxes) or by cheating other investors of their fair share of profit or defrauding banks. There could also be collusion to, for example, boost the share price and market valuation. To get away with such cheating is no longer easy, yet greed and temptation continue to entice some. Even so, there is little doubt that a parallel book of accounts is becoming rare.
THE BUSINESS RESPONSIBILITY REPORT
هذه القصة مأخوذة من طبعة August 13, 2022 من Businessworld India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة August 13, 2022 من Businessworld India.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
MEMORIES & IMPRESSIONS
Ratan Tata was an exceptional human being. He was a visionary leader, esteemed industrialist, and a humanitarian, who left an indelible mark on India and the world.
The Robotaxi Market
The robotaxi market is shaping up to be a high-stakes battleground as tech giants and automakers race to transform urban mobility.
And the Nobel Prize Goes to AI
The recent Nobel Prize T awards to AI pioneers affiliated with Google have sparked a broader conversation about Big Tech's influence on research and the limitations of traditional prize categories.
Ola Electrified
Once considered a trailblazer in India’s electric vehicle (EV) ecosystem, Bhavish Aggarwal’s Ola Electric now faces a major accountability crisis.
Sharp Slide in Industrial Output on Eve of Deepavali
India’s index of industrial production (IIP) saw a sharp reversal in August, contracting by 0.1 per cent, in stark contrast to the 4.7 per cent growth in July, mostly because of significant contractions in mining and electricity generation.
Heralding the Solar Era with Sustainable Electrification
RAJEEV KASHYAP on the economics of solar power, the hurdles in scaling it, and much more
A WELL-GREASED MACHINE
The OmniBook X14 laptop runs on first-generation Snapdragon X Elite, which bets big on Al-enabled productivity and battery life, but falls short when it comes to overall experience, says Deep Majumdar
DO NOT LETA HEALTH CRISIS RUIN YOUR FINANCIAL HEALTH
For a family of four living in a metro, it is recommended to opt for a family floater health insurance plan with a sum insured of at least Rs 15-20 lakh
Disruption Ahead: Beyond Organisation Charts and Structures
ALBERT EINSTEIN FAMOUSLY said, “We cannot solve our problems with the same thinking we used when we created them.
Dr. Rahul Shivajirao Kadam: A Visionary Leader Blending Sustainability, Innovation, And Social Empowerment
We are on the stage of global warming, and these technologies not only help prevent further damage but also leave behind a better environment for future generations.