Audit report? Just a copy only!
With more cases coming out, it seems that either our concept about audit report is wrong or it should have a new name.
"PwC withdraws reports for bankrupt oil firm Yukos"
"BDO Seidman snags guilty verdict"
If you read these reports, you may agree with me that audit may have a new meaning, "an uncertain dressing inappropriately true".
Of course, there is nothing wrong with the accusation about missing information and fictitious invoices. Basing on such saying by top audit firms, then it is the audit reports readers' problem.
May be we do not need auditing at all because there is no way to safeguard against frauds. Or we may need another level of auditing, the audit of audited reports.
Ever since the Enron case, there is too much bad news about accounting. So what is the ethics that required now? Oh, just for examination only.
"PwC withdraws reports for bankrupt oil firm Yukos"
"BDO Seidman snags guilty verdict"
If you read these reports, you may agree with me that audit may have a new meaning, "an uncertain dressing inappropriately true".
Of course, there is nothing wrong with the accusation about missing information and fictitious invoices. Basing on such saying by top audit firms, then it is the audit reports readers' problem.
May be we do not need auditing at all because there is no way to safeguard against frauds. Or we may need another level of auditing, the audit of audited reports.
Ever since the Enron case, there is too much bad news about accounting. So what is the ethics that required now? Oh, just for examination only.
posted by F. H. Tong | 3:07 AM
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