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Friday, August 24, 2012

Bad Grades Rising at Audit Firms - NYTimes.com

Bad Grades Rising at Audit Firms - NYTimes.com:

Forgive me, but isn’t it time for the accounting profession to take a serious look at GAAP. Why shold it be up to the SEC to “shut down this ridiculous circus show.” Where is the profession? And it seems in every financial scandal, of which there have been far too many, the accountants get a pass (except perhaps for Enron where they had a deliberate hand in cheating.) How could Corzine’s fund lose more than a $1 billion. It just seems inconceivable that accountants would approve a system that could permit something like that to happen. And if the GAAP aren’t intended to prevent fraud then WTF good are they?

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