Hi A4O That's the problem when you use band-aids for a cut...

First 9 Last

Share
Profile

Follow
kingpins

25,363 Posts.

29

09/10/19

12:47

Post #: 40792805
Share

Originally posted by All4One ↑

The whole financial system is under suspicion from banks to government to auditors. IMO it is full of rot in all areas.

The explanation

Auditing the Auditors

The 2011–12 ASIC audit inspection report found that in 18 per cent of sampled key audit areas, the “big four” firms (Deloitte, EY, KPMG, PwC) had failed to obtain what they were supposed to — “reasonable assurance”
that the financial report as a whole was accurate and free of material misstatements. That number was up from the previous figure of 15 per cent, which Medcraft already regarded as too high.In December 2012, Medcraft told the Parliamentary Joint Committee on Corporations and Financial Services that the results were “very disappointing and frustrating”, that auditors lacked sufficient scepticism, and he wanted to see a failure rate number “substantially below 10 per cent”.That was not to be. By the time ASIC released its Audit inspection program report for 2016–17, the number had blown out to 25 per cent.

read the article @ https://aicd.companydirectors.com.a...tor-magazine/2019-back-editions/june/auditors

Expand

Hi A4O
That's the problem when you use band-aids for a cut artery

They never fixed the problems that caused the GFC in fact they actually relaxed them,

So here we are again

And there is talk of the government going digital IE part of which is the current moves to make it illegal to use cash for more than petty cash, that's ok but it is not paper money that it is at fault it is the system and allowing it to operate without enforcing the rules
Upvote

Reply