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Whether you agree or disagree with the content of his responses, I don’t think Deloitte, KPMG or PWC would have answered those questions any differently.

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He pulled out the ole reliable: “Audits aren’t meant to catch fraud”

Do auditors realize how absolutely stupid that sounds to everyone?

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Audit procedures and all of the risk assessment that we do are really not very useful for detecting fraud. The mere fact that the auditors are going to show up and look at some things provides about the same amount of comfort over fraud risk as investing tons of hours trying to risk assess, design and execute procedures. In other words, there is an exponentially diminishing return on every hour spent trying to address the risk of fraud.

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Lol he really is trying to claim that EY “found” the fraud? Like they are the hero/good guy in all of this? How about the reports from Financial Times (5 years ago), numerous ignored whistleblowers, Singapore police raid, special report red flags from KPMG, meanwhile not a peep from EY. Mr CEO, your company massively fucked up, screwed over investors, and damaged the reputation of our entire industry. Stop lying and laughing about something this serious.

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I saw this on CNBC the other day and couldn’t help but laugh at the bullshit he was spewing.

Shocked CNBC did this. Doesn’t EY sponsor or have a short program every week on them?

So buying advertising absolves you from any negative press - got it!

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⬜⬜⬜⬜🟩
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