Comments on: Auditors pocket millions while asleep on the job http://www.crikey.com.au/2008/12/04/auditors-pocket-millions-while-asleep-on-the-job/ now with extra source Sun, 12 Feb 2012 08:54:01 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: mirek http://www.crikey.com.au/2008/12/04/auditors-pocket-millions-while-asleep-on-the-job/#comment-7261 mirek Thu, 01 Jan 1970 10:00:00 +0000 #comment-7261 Perhaps Mr. Schwab is being overly polite or diplomatic: with the conflict of interest as demonstrated in the few examples quoted, it seems that this is just the tip of an iceberg, and we can be pretty certain that a conflict of interest exists and has been there for a long time, with investore, analysts and ordinary ponters being the patsies. But not only have the auditors/ accountants and the frirns they ares supposed to audit at `arms` length` been `asleep`, read collaborating, but the regulators are also playing the Three Monkeys. One wonders: are they in the game too? Such quite reasonable speculations undermine any confidence in a market as being fair and transparent, The Government and it`s watchdogs play a crucial role here. Recently, a company with impeccable credentials, as reported by analysts, Transferld Services (TSE) cratered unexpectedly by 80% to $1.24. The skeleton in the cupboard was excess debt; seems as though analysts were fooled by the published figures. Lessons of Enron and other egregious examples of corporate fraud will never be learned unless the cosy money-making relationships are broken and removed `root and branch` to use Kevin07`s favourite phrase. Perhaps Mr. Schwab is being overly polite or diplomatic: with the conflict of interest as demonstrated in the few examples quoted, it seems that this is just the tip of an iceberg, and we can be pretty certain that a conflict of interest exists and has been there for a long time, with investore, analysts and ordinary ponters being the patsies. But not only have the auditors/ accountants and the frirns they ares supposed to audit at `arms` length` been `asleep`, read collaborating, but the regulators are also playing the Three Monkeys. One wonders: are they in the game too? Such quite reasonable speculations undermine any confidence in a market as being fair and transparent, The Government and it`s watchdogs play a crucial role here. Recently, a company with impeccable credentials, as reported by analysts, Transferld Services (TSE) cratered unexpectedly by 80% to $1.24. The skeleton in the cupboard was excess debt; seems as though analysts were fooled by the published figures. Lessons of Enron and other egregious examples of corporate fraud will never be learned unless the cosy money-making relationships are broken and removed `root and branch` to use Kevin07`s favourite phrase.

]]> By: dez http://www.crikey.com.au/2008/12/04/auditors-pocket-millions-while-asleep-on-the-job/#comment-7262 dez Thu, 01 Jan 1970 10:00:00 +0000 #comment-7262 The real winner for KPMG's missteps was McGrath Nicol, who of course used to be part of KPMG... The real winner for KPMG’s missteps was McGrath Nicol, who of course used to be part of KPMG…

]]> By: arty http://www.crikey.com.au/2008/12/04/auditors-pocket-millions-while-asleep-on-the-job/#comment-7263 arty Thu, 01 Jan 1970 10:00:00 +0000 #comment-7263 So what's the problem?<br /><br />They did pay the fees didn't they? So what’s the problem?

They did pay the fees didn’t they?

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