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Satyam Computer Services, a leading Indian outsourcing company, was found to have significantly inflated its earnings and assets for years. Satyam's clients included large banks,

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Satyam Computer Services, a leading Indian outsourcing company, was found to have significantly inflated its earnings and assets for years. Satyam's clients included large banks, manufacturers, health care and media companies all over the world, as well as more than a third of the Fortune 500 companies. After posting profit margins of more than 20% every year, the chairman, Ramalinga Raju, finally admitted that the company's accounts have been systematically falsified to provide impressive results. He admitted that the USD1.04 billion, or 94% of the cash/bank balance at the end of the company's second quarter in September 2008, did not exist. News of this scandal which was labelled as "India's Enron* has badly shaken investors' confidence in India's companies. (Sources: Heather Timmons and BetinaWassener "Satyam Chief Admits Huge Fraud" The New York Times, January 2009) Required: Discuss two IMA's ethical standards the management of Satyam Computer Services has violated

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