http://www.crikey.com.au/2008/02/04/kpmg-the-common-link-in-allco-and-mfs-fiascos/ now with extra source Sun, 12 Feb 2012 02:48:10 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.crikey.com.au/2008/02/04/kpmg-the-common-link-in-allco-and-mfs-fiascos/#comment-20938 A W Jones Thu, 01 Jan 1970 10:00:00 +0000 #comment-20938 Should be an annual reporting requirement: "We slipped our auditors x% of their audit fees for consulting work". Or: These accounts are true and accurate subject to the continued receipt of millions of dollars in consulting work. Should be an annual reporting requirement: “We slipped our auditors x% of their audit fees for consulting work”. Or: These accounts are true and accurate subject to the continued receipt of millions of dollars in consulting work.

]]> http://www.crikey.com.au/2008/02/04/kpmg-the-common-link-in-allco-and-mfs-fiascos/#comment-20939 Mark Thu, 01 Jan 1970 10:00:00 +0000 #comment-20939 The audit situation is indeed farscial. I cannot see any other way out but to have goverment auditors. In such a situation, there would not be any incentive to provide a "good" audit for the implicit promise of repeat business. The audit situation is indeed farscial. I cannot see any other way out but to have goverment auditors. In such a situation, there would not be any incentive to provide a “good” audit for the implicit promise of repeat business.

]]> http://www.crikey.com.au/2008/02/04/kpmg-the-common-link-in-allco-and-mfs-fiascos/#comment-20940 tc Thu, 01 Jan 1970 10:00:00 +0000 #comment-20940 Auditors always do the right thing by the hand that feeds. The old dresses as the new by throwing layers of IFRS/Sarbox around itself and parading around as a brand new way. The only thing 'new' is the ever increasing layers these blokes hide behind. Auditors always do the right thing by the hand that feeds. The old dresses as the new by throwing layers of IFRS/Sarbox around itself and parading around as a brand new way. The only thing ‘new’ is the ever increasing layers these blokes hide behind.

]]> http://www.crikey.com.au/2008/02/04/kpmg-the-common-link-in-allco-and-mfs-fiascos/#comment-20941 Shann Turnbull Thu, 01 Jan 1970 10:00:00 +0000 #comment-20941 The accepted meaning of the word "independent" become a lie when applied to Auditors who are selected and paid by those whose accounts they judge. It would be unethical for any Judge in a court to be hired and paid by those she judges! The accepted meaning of the word “independent” become a lie when applied to Auditors who are selected and paid by those whose accounts they judge. It would be unethical for any Judge in a court to be hired and paid by those she judges!

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