Audit Firms, what is your opinion of them.

Sanz · 25-01-2009, 12:03 AM

I worked for one of them for 5 years, biggest hypocrites, Amway type. The world would be better off without them.

Most recent Fraud :- PWC says Satyam audit opinions may be unreliable | Industries | Technology, Media & Telecommunications | Reuters

Precambrian · 25-01-2009, 12:32 AM

Sanz, were you reading my mind? Coz I was just about to start a thread on this!!!

As to the topic. Let's wait till what PWC has to say on the matter. If they were shown defrauded documents by Satyam and asked to express an opinion on that, then, I'd say they might be let off it.

But still, I cannot believe how they managed to close the audit without an independent confirmation of the deposits (where the fraud occurred) alongwith the interest earned, from the bank concerned. If they signed the accounts just by seeing the fraudulent FD receipt shown to them by the bank, as my sources told me, then that's just bull **** and they should be brought to the books.

As to fraud occurence, this could hardly be the first instance. Hopefully, this would lead to tightening the standards and increasing the accountability of auditors.

HeathDavisSpeed · 25-01-2009, 12:36 AM

Well, a professional services firm doing a half-arsed job. No surprises there.

They charge out underqualified staff at ridiculous prices and spend most of their time buttering up the client to make sure that client retains them for audit services.

The big four are the next best thing to scum as far as I'm concerned. Wouldn't piss on a big four partner if they were on fire.

Precambrian · 25-01-2009, 12:44 AM

Quote:

Originally Posted by HeathDavisSpeed

Well, a professional services firm doing a half-arsed job. No surprises there.

They charge out underqualified staff at ridiculous prices and spend most of their time buttering up the client to make sure that client retains them for audit services.

The big four are the next best thing to scum as far as I'm concerned. Wouldn't piss on a big four partner if they were on fire.

Lol! Amen to that.

Being a Big 4 guy for almost 4 years, I can tell you that these guys are the most over-rated of all professions. And one just wonder how they manage to survive despite these scams dozen a year. Not bragging, but I happened to chance myself upon a fraud to the tune of around 12 Million dollars in one of the most reputed "new age" Industry Company in India, and know what? My boss (the partner) cooly used that as a negotiation tool. This fraud was going on for about 4-5 years, and I was completely amazed at his nonchalance. However, the fraud was not which could be hidden for long, and somehow got exposed, and sparked a huge outcry among the Directors and the Audit committee, particularly the Independent ones, and I was satisfied to know that we were removed from the Auditors post the succeeding year.

HeathDavisSpeed · 25-01-2009, 12:47 AM

Quote:

Originally Posted by Precambrian

Being a Big 4 guy for almost 4 years, I can tell you that these guys are the most over-rated of all professions. And one just wonder how they manage to survive despite these scams dozen a year. Not bragging, but I happened to chance myself upon a fraud to the tune of around 12 Million dollars in one of the most reputed "new age" Industry Company in India, and know what? My boss (the partner) cooly used that as a negotiation tool. This fraud was going on for about 4-5 years, and I was completely amazed at his nonchalance. However, the fraud was not which could be hidden for long, and somehow got exposed, and sparked a huge outcry among the Directors and the Audit committee, particularly the Independent ones, and I was satisfied to know that we were removed from the Auditors post the succeeding year.

That partner should have been removed from the partnership. Investors put a great deal of faith in faceless people who've generally only got to that position due to their ability to "Sell" rather than any ability in accounting.

Sounds like your example above is a case in point.

inbox24 · 25-01-2009, 01:14 AM

Lol, at first glance I thought this thread was gonna be about adult films.

Smudge · 25-01-2009, 01:33 AM

Quote:

Originally Posted by inbox24

Lol, at first glance I thought this thread was gonna be about adult films.

Funny you should say that:

Quote:

Originally Posted by from MSN

Voltman says:
maybe I'm depraved but I read that new OT topic the first time as "Adult Films, what are your opinion of them?"
heathdavisspeed says:
I don't think you're the only one who read it like that.

Precambrian · 25-01-2009, 01:45 AM

Quote:

Originally Posted by Voltman

Funny you should say that:

So many depraved guys here on CW.

Athlai · 25-01-2009, 02:10 AM

Yep read it as adult films.

And on that matter:

They are good.

G.I.Joe · 25-01-2009, 02:22 AM

Adult films? They're good. Can't cook the books and fudge the money shot there.

alternative · 25-01-2009, 06:22 AM

Quote:

Originally Posted by Athlai

Yep read it as adult films.

And on that matter:

They are good.

R_D · 26-01-2009, 06:53 AM

Quote:

Originally Posted by Athlai

Yep read it as adult films.

And on that matter:

They are good.

you are not alone... i read it as such as well

The Sean · 26-01-2009, 07:03 AM

Used to work for one of the Big 4 myself - glad I left, otherwise I might have a CW lynch mob after me now.

I was going to defend myself by saying it's ok because I wasn't an Auditor. I was a Management Consultant...

Matt79 · 26-01-2009, 07:07 AM

I wub da porn, and regularly conduct an audit of my portfolio.

G.I.Joe · 26-01-2009, 07:11 AM

you mean 'pornfolio' ?

*shuts up and leaves*

25-01-2009, 12:03 AM	#1 (permalink)
Sanz Hall of Fame Member Join Date: Jan 2004 Location: USA Posts: 16,228	Audit Firms, what is your opinion of them. I worked for one of them for 5 years, biggest hypocrites, Amway type. The world would be better off without them. Most recent Fraud :- PWC says Satyam audit opinions may be unreliable \| Industries \| Technology, Media & Telecommunications \| Reuters

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25-01-2009, 12:32 AM	#2 (permalink)
Precambrian Banned Join Date: Mar 2008 Location: Rahmaniverse Posts: 7,358	Sanz, were you reading my mind? Coz I was just about to start a thread on this!!! As to the topic. Let's wait till what PWC has to say on the matter. If they were shown defrauded documents by Satyam and asked to express an opinion on that, then, I'd say they might be let off it. But still, I cannot believe how they managed to close the audit without an independent confirmation of the deposits (where the fraud occurred) alongwith the interest earned, from the bank concerned. If they signed the accounts just by seeing the fraudulent FD receipt shown to them by the bank, as my sources told me, then that's just bull **** and they should be brought to the books. As to fraud occurence, this could hardly be the first instance. Hopefully, this would lead to tightening the standards and increasing the accountability of auditors.

25-01-2009, 01:14 AM	#6 (permalink)
inbox24 International Debutant Join Date: Nov 2006 Location: Australia Posts: 2,091	Lol, at first glance I thought this thread was gonna be about adult films.

25-01-2009, 02:22 AM	#10 (permalink)
G.I.Joe International Coach Join Date: Sep 2008 Location: India Posts: 10,223	Adult films? They're good. Can't cook the books and fudge the money shot there.

26-01-2009, 07:11 AM	#15 (permalink)
G.I.Joe International Coach Join Date: Sep 2008 Location: India Posts: 10,223	you mean 'pornfolio' ? shuts up and leaves

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