The worst is not yet over
It has been some years from the Enron case. We may suppose that most accountants are suffered from the consequential burden, SOX, GAAP and FRS.
The saddest thing is to review and refresh the ethics of accountants. For years, accountants should be the most reliable employee of any corporations. Of course, it depends on how much we know. Just by reading the White-collar crime reports, we can find that accountants were listed on top, unfortunately.
With the latest news:
PCAOB: Ernst & Young Signed Without Evidence from CPAnet.com
Fannie Mae Accused Of Deceiving KPMG, Its Former Auditor from washingtonpost.com
We are astonished to learn that even famous auditing firm was found to be so irresponsible. We are also astonished to find that auditoring firm accusing client with the obvious reason to avoid responding from something wrong or the failure to audit.
Should we trust auditing anymore? Should employers trust accountants anymore?
Certainly, it is a complex world now and all those controlling systems and management that developed long ago may be relaxed now. Yes, I say 'relax'. The systems may be outdated, but the principles should remain effective. For a long time, I do envy the corporations in America who run the entity with systematic control avoiding personal wrong-doing. Now, it is obvious that someone on top had over-taken the system and went back to the ancient time of governing.
Recently, someone told me that some accounting programs had invoicing function. It is horrible to have such kind of program. Accountants should not be allowed to prepare invoices. This is a very basic management concept. I really wonder why after so many years of managing experience, we still have some employers failed to understand the basic management requirement. That is to say if an accountant would steal money from the corporation, his/her employer should be blamed for instead.
With internet, it is a simple search to learn about white-collar crime. Anyone can spend less than an hour to learn that billions every year were lost due to the misconduct of accountants and executives because of bad management.
The saddest thing is to review and refresh the ethics of accountants. For years, accountants should be the most reliable employee of any corporations. Of course, it depends on how much we know. Just by reading the White-collar crime reports, we can find that accountants were listed on top, unfortunately.
With the latest news:
PCAOB: Ernst & Young Signed Without Evidence from CPAnet.com
Fannie Mae Accused Of Deceiving KPMG, Its Former Auditor from washingtonpost.com
We are astonished to learn that even famous auditing firm was found to be so irresponsible. We are also astonished to find that auditoring firm accusing client with the obvious reason to avoid responding from something wrong or the failure to audit.
Should we trust auditing anymore? Should employers trust accountants anymore?
Certainly, it is a complex world now and all those controlling systems and management that developed long ago may be relaxed now. Yes, I say 'relax'. The systems may be outdated, but the principles should remain effective. For a long time, I do envy the corporations in America who run the entity with systematic control avoiding personal wrong-doing. Now, it is obvious that someone on top had over-taken the system and went back to the ancient time of governing.
Recently, someone told me that some accounting programs had invoicing function. It is horrible to have such kind of program. Accountants should not be allowed to prepare invoices. This is a very basic management concept. I really wonder why after so many years of managing experience, we still have some employers failed to understand the basic management requirement. That is to say if an accountant would steal money from the corporation, his/her employer should be blamed for instead.
With internet, it is a simple search to learn about white-collar crime. Anyone can spend less than an hour to learn that billions every year were lost due to the misconduct of accountants and executives because of bad management.
posted by F. H. Tong | 1:18 AM
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