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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Raymond Duray who wrote (5485)2/6/2002 2:53:37 PM
From: compradun  Read Replies (2) of 33421
 
Fraud is specifically excluded under GAAS generally accepted auditing standards. Collusion makes fraud impossible to detect. Therefore auditing merely performs an attest function on management's representations. If management colludes with third parties the fraud is undetectable, for a time. Cashflow usually sinks these "dream" boats. CPAs in an audit are only allowed to report fraud to the audit committee not to the "public". The main recourse is for auditors to resign from the engagement.
The real issue is whether AA&co was a party to the collusion.
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