The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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In that case auditing needs reform. These mega accounting firms need to fear legal liability if they do not provide reliable and verifiable information to the markets.
I may be totally wrong but auditors only confirm that the information they are given is correct
If there is some misleading information they dont find it like the Freeh report will
Muddy waters are imfering that boards members ex or otherwise Ernst and Young have turned a blind eye to it
The problem is they always think that they can get away with it and in the UK we are a little lack in this area
Virtually pointless paying auditors then.
Are people joining the US class action?
This was a ftse100 company that has mislead investors. Aren't the auditors supposed to give confidence in the accounts? Are they not liable here now that the truth is coming out?
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They are not. Read my post at 20:22 today.
KOH
Legal action required then.
Also having worked in the Middle East and Asia you also learn that Ernst and Young in Dubai or China is not the same Ernst and Young you and I know, it’s like a franchise and operates independently with often their own rules.
majority of investors believe that auditors are meant to perform anti-fraud functions. You soon come to learn that that's actually not within the remit. Unfortunately as MW highlighted NMC was in bed with Ernst and Young, with a former partner on their board... so it’s likely that the auditors (who are paid a huge amount by nmc) were made to turn a “blind eye” to these things.
This was a ftse100 company that has mislead investors. Aren't the auditors supposed to give confidence in the accounts? Are they not liable here now that the truth is coming out?