We are shocked and dismayed: Cognizant
Such a situation reinforces value and importance of strong corporate governance, Cognizant's CFO Gordon Coburn said.
By ET Bureau |
CHENNAI: Reacting to Satyam Cash fraud, Cognizant���s chief financial and operating officer Gordon Coburn said, "We are shocked and dismayed by today���s announcement of fraudulent accounting by Satyam. Such a situation reinforces the value and importance of strong corporate governance and the many additional controls imposed on US companies that are subject to the Sarbanes-Oxley Act.
At Cognizant, we follow rigorous corporate governance practices. In addition to independent testing of our annual compliance with the Sarbanes-Oxley Act, Cognizant retains both outside legal counsel and independent accountants to ensure that good governance practices and regulations are followed.
Examples of such practices include Board approval of acquisitions or related-party transactions, a committee charged with ensuring complete and accurate disclosures in public filings such as our annual report, and independent annual audits of our financial statements.
In addition, Cognizant employs both a General Counsel and Chief Compliance Officer to ensure that management and Associates are in compliance with internal polices and external laws and regulations.
Today's announcement by Satyam reminds us all of the importance to our customers, employees and shareholders of maintaining the highest ethical standards in business."
At Cognizant, we follow rigorous corporate governance practices. In addition to independent testing of our annual compliance with the Sarbanes-Oxley Act, Cognizant retains both outside legal counsel and independent accountants to ensure that good governance practices and regulations are followed.
Examples of such practices include Board approval of acquisitions or related-party transactions, a committee charged with ensuring complete and accurate disclosures in public filings such as our annual report, and independent annual audits of our financial statements.
In addition, Cognizant employs both a General Counsel and Chief Compliance Officer to ensure that management and Associates are in compliance with internal polices and external laws and regulations.
Today's announcement by Satyam reminds us all of the importance to our customers, employees and shareholders of maintaining the highest ethical standards in business."
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