So hows the offshore going for the accounting firms? Can’t catch $130 million in expenses hidden by one employee? KPMG what’s going on?

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Wasn’t Marcum sanctioned last year by the SEC for crappy audits?

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I think you mistyped disappointing

funny

What would you have done to catch it?

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It’s also unlikely to hit a seldom used account routine if done on a quarterly basis. There’s a ton of accounts hit only 4 times a year because you only touch them quarter end.

Those aren’t a fraud risk so most teams I’ve been on define “seldom used” as 3 or less times a year.

Offshoring is going as expected

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But they saved $1 million in local salaries 🤣

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Why did it need to be caught? Doesn't seem like anything bad happened once it came to be known. Lesson here is precision of Financials don't matter that much.

likefunny

GT1 for the win!

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as someone who has worked at mid tier and big 4, its more inexcusable to miss something on a smaller audit. you are literally looking at everything

likefunny

$150 million over 3 years in a random expense account? Audits aren’t designed to identify fraud which you’d know if you passed the COA exam lol

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How do you know $50m is material ?

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