Help me understand this thread....

[133724]

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x2688034

If I am reading this correctly; and I think I am; then this company; formerly a division of a Certified Public Accounting firm cannot account for a material amount of money...


Who ever heard of a CPA frim loosing millions?; billions of dollars????????????

THIS IS A SERIOUS ISSUE FOR ANYONE WHO HAS MONEY INVESTED IN ANY COMPANY......

HOW CAN ANYONE TRUST ANY AUDITED FINANCIAL STATEMENTS?????

THIS MAKES ARUTHOR ANDERSON (of Enron Fame) A PIKER.....

THIS COUNTRY IS IN REALLY DEEP SHIT NOW....

[niyad]

1. does arthur anderson ring a bell?

[WiseButAngrySara]

2. The name is in line 5 of his post! ....n/t

[Cleita]

3. My first "real" job (important to my parents) was at a bank.

Back then we had to balance at the end of the day or we didn't go home. Usually, the bank closed at three p.m. and we balanced by five and went home, but there were those days that many stayed into the wee hours to balance before the next day's business. It seems banks as a whole don't do this anymore.

In later years in accounting classes I had to take, it was driven home to me that as long as you did double entry it was hard to steal, however there were exceptions. Those were that you had to have an accomplice and even then double entry didn't work. The next was that single entry was an invitation to steal and so was chaos.

In one of my jobs we had to change jobs every month in my department to make sure we couldn't cheat. Big, huge amounts of money were passing through our hands, but as long as no one person handled one facet of the transactions beyond a month, then it was hard to steal. Most of us wouldn't have thought of it anyway because we had huge bonds on us and pretty squeaky clean records.

Everything that is going on with our government today is a thief's paradise accountingwise.

[northofdenali]

4. Scary, hmm?

Creative accounting has been around as long as barter/trade/money has been around - it's just that those WITH the funds can so much more easily screw those of us without nowadays.

The money isn't "lost". It's in someone's pocket.