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Politics : Welcome to Slider's Dugout

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To: I_C_Deadpeople who wrote (19049)	9/1/2009 1:58:26 PM
From: Charles Macdonald	4 Recommendations Read Replies (2) of 50006

IC - IMO, the real value of a Fed Audit is simply lifting the covers back and VERIFYING the account entries, balance sheet amounts, who is a counter party, etc. (ie - Why, what, where). Are they within the confines of the Federal Reserve Act? The audit process (even of complex transactions) is really not that difficult. Sure, some transactions can be very complex. But in my experience, the more someone wants you to believe the complexity of a transaction - they are simply trying to bend common sense or basic "follow the money" logic. It comes down to basic verification. Why did you book this? Did you book all others like this? Why or Why not? How did you value this? Why did you do this one differently? Are you following established regs/rules? Most audit mistakes can be traced back to someone failing to ask the following question - "Show it to me." JMHO - former CPA and Auditor.

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