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Social Responsibility Accounting includes management's duty to disclose material information on a timely basis. The auditor's duty is to support the basis of the audit opinion on management's financial representations. After 'clean' audit opinions are released and 'dirty' things are discovered most auditor's defend their opinions by claiming, 'we were not engaged to look for fraud'. I think we are past the discussion stage on the auditor's responsibilities. The question is whether auditors will be held to account for the opinions they issue. Will the courts take a progressive stand and support the thesis that auditors are responsible for their opinions? The Too Big to Fail theory is not a productive basis to shield Big Auditors for their distinguished lack of due diligent examination of management representations.
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Apr 6, 2011