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Branch service manager
If there is anything science taught you it is-
Additional Posts in Audit Bowl
Anyone else's morale/motivation at an all time low?
Who’s working this Sunday?
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Not sure what their audit approach was (maybe it was a non-significant component and they performed other procedures over the residual), but yeah with foreign bank accounts there’s always a risk hence why I think they should have confirmed the balance regardless
Yes agree, regardless they just effed up
This is very interesting as we are required by our global audit methodology to confirm 100% of our cash accounts. I think the problem was that the we relied on trustees to give us the information. Anyone who has been on a global audit would know that getting a confirmation back from a foreign bank can be quiet difficult. I think EY did screw this one but I would like to point out EY was purposely being misled as well.
Everyone is spending so much time documenting controls up to the Pcaob’s standards I guess there is no time left to confirm cash
Disagree with SA1. Confirmations can be very time consuming, especially when foreign. Trying to find the correct respondent, following up, etc
Imagine you're the staff who was doing the cash section 😅 "immaterial balance; screenshot is sufficient evidence, SALY. NFWR" and then someone actually reviews it
Haha- I read that as NSFW
Yeah this is just crazy. Lots losing their job over this. Including the EY auditors who owned wirecard stock
Throwing some shade there?
EY is a joke
Oh god 😂😂😂😂
This is interesting because we also don't have cash confirmation as a required procedure. Now when you're talking foreign bank accounts...should prob confirm those regardless
Used to work at Crowe, always required to do cash confirms. Public, private, material, IM.
Half the time they even wanted me to confirm ZBAs...
It was a quarter of their balance sheet.....
Woooooow