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Profit, clear and simple. The accounting firms had become such major cash cows that they were able to be manipulated by the companies. So long as the accountants got rich they chose not to ask the tough questions. They always make the executives sign a statement that they are being truthful so they can blame the executive if something goes wrong. The problem with this is that the purpose of the audited financial statements is to help ensure that the company really has what it says it has. This includes checking for fraud. Until they put these accountants in jail we will not have success.

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I'm a CPA and this is my opinion.

by toledogolf

9 months ago

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