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Pastimes : DELOITTE & TOUCHE LLP Client List
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To: Patricia who wrote (6)7/13/2002 1:42:41 PM
From: Labrador  Read Replies (1) of 10
 
I was an auditor a long time ago.

Auditors provide an opinion on the financial statements of a company. Auditors rely on representations from key management and do consult on accounting issues.

If key management collude to falsify financial statements or overrule internal controls, an audit is not designed to catch this. Auditors rely on the integrity of management, and without this, the audits are likely worthless. Remember that it is the company's financial statements and not the auditors.

In today's legal environment, the auditors better be doing a damn good job of auditing and expanding their scope of work. Because if a company goes down due to financial schanagins that the auditor was not aware of, or if people at the company mislead them, they will have to cut a large check to settle.

I am not sure who's fault it is without knowing the facts. Did the auditor give incorrect advise after being told of an issue? Did the company's CFO override internal controls or mislead the auditor?
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