The Satyam saga has given ammunition to the Institute of Chartered Accountants of India. The institute is dominated by the local firms and they have been hard at trying to discredit and do in the foreign brand name CA firms. Satyam gives them great fodder, since it is a MNC accounting firm that is the auditor.
From my experience, I have all thru my career looked at most Indian audit firms with skepticism. In fact, we used to identify the rogues in each city and then do balance sheet analyses where required. Now the Indian lobby is hard at trying to get at the MNC firms and they have managed to get in their own nominee on the Satyam Board also.
Good fun developing.
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