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Friday, December 21, 2012

HP-Autonomy: A Red-Ink Bath for Everyone - Re:Balance -- Jim Peterson

HP-Autonomy: A Red-Ink Bath for Everyone - Re:Balance -- Jim Peterson:

"Sorry, Meg. Not for a generation has an effective due diligence team done any more with a standard audit report than throw it onto the compost heap at the back of the document repository."

See also:

http://grumpyoldaccountants.com/blog/2012/12/19/h-p-throws-its-accountants-under-the-bus-but-why

 Isn't the major problem here the whole concept of "good will" which just begs for financial manipulation and cheating? Wouldn't we be better served by not having such a concept? If a company wants to pay more than a company is worth (assuming worth is only cash and other measurable assets) that's their problem, but it should not be countenanced by accountants.
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