Post Enron scandal, Europe was hit by the Parmalat scandal. Parmalat failed as the auditors failed to notice the fraud.

[answerhappygod]

Post Enron scandal, Europe was hit by the Parmalat scandal.
Parmalat failed as the auditors failed to notice the fraud. Forged
documents, which were submitted showed cash holdings in a
subsidiary, which did not exist. Further, same person held the
charge of both Chairman and Chief Executive. An investigation
revealed that many employees knew about this but no one came
forward. Satyam episode in India was no way different. In this
backdrop, identify the key focus areas of Corporate Governance
which could have perhaps averted such financial failures and
scandals. Discuss this statement and highlight the liability of the
Board of Directors on failure of Corporate Governance. What are the
elements of Good Corporate Governance?