Satyam Scandal: Lessons Entrepreneurs Can Learn
5. Investigate All Inaccuracies
A lot of frauds start out small, with the doer thinking that small changes here and there won't make a major difference- and cannot be detected. Similar thing happened in the case of Satyam. The fraud started small and eventually grew into a 1.04 billion pound.
The lesson to be learnt is that if your accounts aren't balancing or if something seems inaccurate, even a tad bit, it's must be investigated.
Break down tasks so that there you can have a check in each area. Dividing responsibilities across a team of people makes it easier to detect irregularities or misappropriated funds.
4. Ruined Reputations
Fraud doesn't just look bad on just the company; it looks bad on the whole industry. Satyam Scandal affected foreign investment flows in India. Bombay Stock Exchange (BSE) witnessed a fall of 7.3% and even the value of Indian Rupee went down.
Entrepreneurs should learn that their actions impact the whole industry they operate in.
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