Posted by Latha Do NADARAJAN , Year 3 undergrad at the School of Accountancy, Singapore Management University
In the wake of accounting scandals in the U.S., an accounting expert here warned on Wednesday that Indonesia was no stranger to such scams. In fact, many book-cooking cases have occurred in the past, and even worse scams could happen in the future unless the government takes action to curb such practices.
Tight regulations and stiff sentences are needed to prevent such scams in Indonesia, Professor Wahyudi Prakarsa from the University of Indonesia said.
“”The scams take place in U.S., which has sound financial institutions and regulations. Indonesia, as a developing country, might have had and would have worse cases, despite the fact they have yet to become a subject of public debate,”” he told The Jakarta Post. Continue reading