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> Losers con’t: E&Y – One word: cash. If your audit can’t confirm the cash in the bank, you need to find another business. Full stop. E&Y is the auditor of reco
by thesumofall 6y ago
> Losers con’t: E&Y – One word: cash. If your audit can’t confirm the cash in the bank, you need to find another business. Full stop. E&Y is the auditor of record in two other major suspected frauds
Not sure I get this. The news reports also seem to claim that E&Y rejected to sign the balance sheets. Or was that just after everything went haywire?
- this_user 6y agoEY had been WDI's auditor for well over a decade. They only now refused to sign after KPMG wouldn't give the company a clean bill of health in April. Obviously, these shady practices didn't just start in the last few months, so there are clearly things that EY should have flagged much earlier, but failed to do so. And for that, they will be on the hook.
- thesumofall 6y agoThanks for clarifying. Confusing story if you’re just starting to get into it