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re: Do publically traded companies incentivize their companies to steal or cheat?
Posted on 3/20/18 at 8:42 am to Mud_Till_May
Posted on 3/20/18 at 8:42 am to Mud_Till_May
Yep.
0
Posted on 3/20/18 at 9:09 am to Pechon
Yet a few Partners at these firms have been caught with insider trading and fraud. Deloitte had two partners in Dallas that got busted and one of them was a part of the AICPA or FASB board (can't remember).
I worked at Big 4 and one of our clients was caught with fraud and PwC had signed off on its last 2 10-ks. Nothing more than the firm eating crow for a quarter to restate the financials.
I worked at Big 4 and one of our clients was caught with fraud and PwC had signed off on its last 2 10-ks. Nothing more than the firm eating crow for a quarter to restate the financials.
Posted on 3/20/18 at 9:40 am to DriverWedge3putt
quote:
one of our clients was caught with fraud and PwC had signed off on its last 2 10-ks. Nothing more than the firm eating crow for a quarter to restate the financials.
That's because an audit firm failing to catch fraud is embarrassing but not illegal. They get penalized if they actively participated in the fraud, which is what got Andersen busted. Their Enron staff apparently participated in hiding evidence.
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