> The article states that EY didn’t “verify cash balances”... I’m not sure what that means - “verify” is a dirty word in audit because it’s not specific enough.

> The article states that EY didn’t “verify cash balances”... I’m not sure what that means - “verify” is a dirty word in audit because it’s not specific enough. In a German-speaking newspaper (I'm sorry, I don't recall which one), it was claimed that EY did not ask for confirmation letters for the past three years. If this is true given the immense amount of cash involved (representing a quarter of the balance sheet!), than I see this is a genuine Arthur Andersen moment.