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(South China Morning Post)   Ernst & Young, the accountants who signed off on Wirecard's books for a decade, say they were victims of an 'elaborate' fraud. 'It's not our fault if, as accountants, we can't count money.'   ( divider line
    More: Dumbass, Wirecard's auditors EY, logo of Ernst, New York City, Audit, Logo, Auditing, SCMP Group, Computer file  
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689 clicks; posted to Business » on 26 Jun 2020 at 10:05 AM (1 year ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook

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2020-06-26 9:40:58 AM  
4 votes:
Maybe they are using Arthur Andersen's old 'how-to' books?
2020-06-26 8:35:01 AM  
1 vote:
The big accounting firms are all about selling as many services as they can.  If the books get audited properly, you can always pay a bit extra to get a more complex audit that yields far different results.  In fact, if you sign on for ENOUGH services, the auditors can actually become not just blind, but deaf as well.

It's very innovative.
2020-06-26 11:45:18 AM  
1 vote:

TheFoz: kittyhas1000legs: offacue: Read the story about how Crazy Eddie was all just a scam. Written by Sam Antar, cousin of 'Crazy" Eddie Antar and one of the main perpetrators.  Scamming auditors is easy.

My favorite accounting class was Fraud Investigation.  We looked at Crazy Eddie, had an investigator from the CT Lottery come in to share her experiences, and touched on Enron (was happening while taking the class). It was an elective course that was held irregularly, and when the professor asked if it should be available every year the class strongly agreed it should be.  Then I graduated and 2008 did what it did.

Fun times.

That does sound like a fun class.

I only had a basic auditing course and I hated it.  Decided then I'd stick with accounting and not go into auditing.

I should look and see if I can take a Forensic Accounting course just for fun.

Forensic accounting is one of those things that can be really interesting (the meeting I had where I was told to in no way ask any questions to the obvious IRA person, this was up on the border) or incredibly boring, like trying to work out what percentage of sales Pepsi lost out on because the store hadn't followed the guidelines and had put their refrigerator 2 feet from where it should have been.
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