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Every audit is partly built on attestation, though. If my company has $100 in the bank and owes $50 to our gardener based on a handshake agreement, how is an a
by michaelt 4y ago
Every audit is partly built on attestation, though.
If my company has $100 in the bank and owes $50 to our gardener based on a handshake agreement, how is an auditor supposed to find out about the debt except by asking me?
Just because it hasn't been entered into the accounts, doesn't mean we don't have a legal obligation to pay the guy.
Shady dealings in this area can e.g. get you banned from being a company director in the future - but that's hardly a deterrent in the cryptocurrency space, where a fraud can leave you set for life.
- ceejayoz 4y ago> Every audit is partly built on attestation, though. Sure. A house is built on a foundation, but a foundation is not a house. > If my company has $100 in the bank and owes $50 to our gardener based on a handshake agreement, how is an auditor supposed to find out about the debt except by asking me? In the Tether case, by going "Hey, why'd you get hundreds of millions of dollars yesterday? Who's it from?" It stood out to the NY AG, it'd have stood out to an auditor.