how in the world did a Big 4 behemoth miss it?
3 replies (most recent on top)
yeah, everyone remembers Enron, but Andersen was pretty much in cahoots/in bed/complicit with Enron's shady dealings and mark to market accounting methods.
they didn't miss a thing bc they were helping Enron make everyone else miss everything.
Is the same thing happening here?
If the auditors were COMPETENT is what I think you meant to say in the original post. They are no better than we are in the oilfield, churn people through and hope that policies and procedures will make up for lack of experience. If the auditor's (in general) were so good then how is it that they continue to miss big errors in accounting. Anyone remember Enron?
Earnings are due and there usually is a token cull if bad news is pending to show that management is still at the wheel.