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Fairly onerous
"This jury found that Ernst & Young's job was to try to find this fraud," Thomas told Reuters.
Whatever happened to watchdog not bloodhound?
Given their
the law is different in the usa
Given their litigation culture one presumes lion taming is a safer career choice in the USA.
Quite right Yankees !
I think we are way too lax on our auditing in Europe. For a start, auditing tests should pick up on material frauds, so presumably E&Y must have argued this was immaterial?
Beyond that, most auditors turn up and pick up the fee, stuff the shareholders. In Europe, not only should the likes of Fred the Shred taken up residence at HMP somewhere, so should some bank auditors.
Instead of hauling a few little guys over the coals for not signing documents right and so on, ICAEW and similar bodies should be removing the bank auditors who failed in their duties from membership. Of course this can never happen because everyone in ICAEW and so forth spends all their time toadying up to the Big 4.
Expectation gap
The public everywhere think auditors are the fraud catchers in chief and if they arn't, what's the point of them?