almost positive it's been over ~20yrs since any 1 of these firms called out fraudulent numbers - its an accounting miracle...
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Didn’t we already see this story once? An accountant always wants to prove they could be a better businessperson than their clients. AA says: stay in your lane.
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Yep...
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Audit firms should not be allowed to do Consulting for the same client - either directly or indirectly.
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The consulting practices of these firms are already legally separated from the audit practices. Not sure why AA is used as an example when SOX exists now and creates a completely different environment/industry from the late 90's/early 2000's.
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Just because they are legally separate entities does not mean there can't be bias. They may be different partnerships but they're the same "brand." There's probably intermingling of the staff and use of the same office building too.
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Yet you fail to address the fact that auditors at Andersen were the same people providing the consulting services as well. Your accounting major 20+ years ago isn't even relevant in today's industry. The standards, laws, and practices are all completely different.
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Thanks for linking me an article from 15 years ago and proving my point.
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I think over time people begin to take liberties. There is no system religious or professional that can fully combat human nature.
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The age old debate revives... Independence is nothing more than a theoretical concept.. as one client once put it to me.. how can u truly be independent as long as you're getting paid by me :)
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Soon they will have a proprietary trading desk
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Well, that's bcos clients are very much willing to pay more for Consulting services than Auditing
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so, the conflict of interests is "raising" concern ...
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