Monday, April 27, 2009

The Stank of Desperation

So the FB4 is begging, nay, pleading for protection from the British government because a "blockbuster lawsuit" could put one of them right next to Arthur Andersen in the auditor graveyard.

Ok, so we've all gotten used to large companies asking the government for things but this new low in corporate pan handling is especially pathetic.

"[A lawsuit] could trigger the collapse of the audit market and cause chaos for business". Ok, so now the audit firms think they are too big important to fail?

So the usual suspects provided flimsy pieces of paper that state that they performed procedures (on a test basis) to ensure that the financial statements were in accordance with GAAP. Oh, and that small bit about how there was nothing materially misstated on said financial statements.

Welllllll, it turns out some pretty important stuff wasn't in accordance with GAAP and the financial statements were materially misstated when the super-duper auditors said they were a-ok. Now they want the government to protect them so they can continue to suck at their jobs.

Appears reasonable.

Auditors Not Trying To Wiggle Off The Hook. Really. [re: The Auditors] Sphere: Related Content

No comments:

Post a Comment