Satyam, labelled India's Enron, has raised a number of important questions. Not only about Indian corporate governance, which leaves a lot to be desired with The Hindu reporting that India is plagued by poor disclosure, lots of creative accounting and a shortage of truly independent directors.

But the more important question is whether we need a global Sarbox. The world is already moving towards global accounting standards, why not the same for corporate governance?

But first, some history. Last week, Ramalinga Raju, the founder and chairman of India's fourth largest software exporter, admitted he had intentionally overestimated, to $1.4bn, the value of the company's assets. The company's auditors PricewaterhouseCoopers have been replaced. A good rundown of the story from the New York Times.

Ironically, the World Council for Corporate Governance only a few months ago honored Satyam with a "Golden Peacock Award" for global excellence in corporate governance. As BusinessWeek's Beverly Behan says, the award process might require deeper scrutiny.

But if we are already down global awards, we should start with some global rules for issues like disclosure and board composition.