The Satyam Fiasco - Is it just the tip of the iceberg?

What R. Raju, the arrested ex- CEO of Satyam did wrong??

• He cooked the books of Satyam, inflated revenues and profit.
• Inflated cash books by 5060 crores
• Claimed interest of Rs. 375 on a non existent investment.
• Understated liability of Rs. 1230 crores
• The fraudulent entries added upto Rs. 7196 crores.

This large scam of a large cap company was never seen in our country before. It is straight out of Ripley's believe or not. It puts a question mark on our work ethics and levels of corporate governance. Now the big question arises - Is the satyam lie only in the tip of the iceberg??
It is no strange fact that the corporates really fudge their accounts. But the scale of this fraud is enormous. It is unbelievable that more than Rs. 7000 crores can be fudged. It puts a question mark on the internal as well as external auditors of the company and the role of independent directors.