AUDITORS SHOULD DO MORE TO FIGHT FINANCIAL FRAUD, SAY EXPERTS
January 1st, 2019
AUDITORS have not received a good press in the area of combating financial fraud. Financial disasters involving fraudulent practices include the notorious collapses of Lehman Brothers and the HBOS bank. A New York attorney concluded in 2007 that "EY substantially assisted Lehman Brothers... to engage in a massive accounting fraud". The crash of HBOS bank and conviction of one of its branch managers and associates of loan fraud going back over a decade came after KPMG gave it a clean bill of health.
Such scandals, plus Carillion's collapse in January ...
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