ABSTRACT :- World is not only just going through economic crisis but also ethical crisis with the Corporate frauds, Accounting scandals, Mismanagement, Bribes and many more. From Enron, WorldCom and Satyam, it appears that corporate accounting fraud is a major problem that is increasing both in its frequency and severity. Research evidence has shown that growing number of frauds have undermined the integrity of financial reports, contributed to substantial economic losses, and eroded investors confidence regarding the usefulness and reliability of financial statements. The increasing rate of white-collar crimes demands stiff penalties, exemplary punishments, and effective enforcement of law with the right spirit. The fraud committed by the founders of Satyam in 2009, is a testament to the fact ―the science of conduct is swayed in large by human greed, ambition, and hunger for power, money, fame and glory. Unlike Enron, which sank due to ―agency problem, Satyam was brought to its knee due to tunneling effect. The Satyam scandal highlights the importance of securities laws and CG in emerging markets. Indeed, Satyam fraud spurred the government of India to tighten the CG norms to prevent recurrence of similar frauds in future. Thus, major financial reporting frauds need to be studied for lessons-learned and strategies-to-follow to reduce the incidents of such frauds in the future.