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Politics : View from the Center and Left
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To: KLP who wrote (6297)12/7/2005 12:02:03 PM
From: Ilaine  Read Replies (1) of 542362
 
Boeing has in-house government auditors because they do a lot of very specialized defense contracting. I doubt oil companies do. I also doubt that the in-house government auditors get much of a look at the details of anything that's outside the parameters of the government contracts.

For example, if the government wants a company to build a prototype of a new airplane, typically that's bid so the company is reimbursed for costs plus a pre-set markup for profits, so called "cost plus" contracts.

As for money "under the table" -- the underground economy is huge. I don't think publicly traded corporations can get away with much since they are audited by outside firms but you see it all the time anyway, e.g., Enron.
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