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scb/deloitte
as accountants,but were they not finance advisors they should know that 2+2 equals whatever you want.basic accounting principle.thus why be surprised
Deloitte caught in Standard Chartered scandal
Both Deloitte and SCB have rejected the allegations, so innocent until proven, what happens after the NY authorities are found to have exaggerated the issues? How can SCB and Deloitte regain their reputation? Why are the regulators in London silence on this issue? Are they always to be led by the americans?
rquaye - agreed ...
https://www.accountingweb.co.uk/blog-post/another-bank-skeleton-tumbles-out-cupboard
US current approach seems to be - try to trash a company & then blackmail fines out of them because litigation to clear their name is hugely costly
ARE WE PRACTICING DUE DELIGENCY AND MINDFUL OF FULL DISCLOSURES
What happened to the fullscope audits and or comprehensive audits?
What happened to ethical measure to be observed?
Why were there no indications of risk audits fully disclosing the complainces at that time audit or during the audit?
Who minds about organisational reputation for both Deloitte and the Standard Chartered Bank?
who are the accomplice?
So as a fraud examiner I would look into all aspects of controls and ears to the ground to look into the praqctices of the bank and the auditors. What full disclosures did the auditors give and what were the reactions of the board?
the question of insolvency is key in audit matters so then what advice the auditors give. Fow how long ahs this been happening and did at any one time the auditors perform due diligency and where there any quarterly audits? What were the fears for non disclosure of cooking books. What about offshore investments wit the bank? If this is a tip of the iceberg. Fraud and fraud and professional negligence, which way forward.
All I know is that the responsbilty for full disclosure lies with management but when the auditors are good, they can use other mechnisms to discover fraud . Why because fraud is committed by smart people who abate the system so if the auditor goes back to the drawing baord, he or she will identify the gaps. So what went wrong in this case is a matter for the professionals to tell us what exactly went wrong. Eisi My Lord, God Bless the World.
Richard Gudoi
Bankers
If the ccab members are not careful it's associates will start to be as well thought of as bankers, scheming for themselves and not to be trusted. Really the record of accountants has been greatly tarnished over the last two decades. It would not surprise me if ultimately audit became a government service.
3 principles of auditing
When I qualified the 3 planks of auditing were:
1. Independence.
2. Integrity.
3. Confidentiality.
Now it is:
1. Confidentiality.
2. What is my fee?
3. What is my fee again please?