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I am WAY TOO nice to be in public accounting….
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Wasn’t Marcum sanctioned last year by the SEC for crappy audits?
I think you mistyped disappointing
Rising Star
What would you have done to catch it?
Pro
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
Rising Star
But they saved $1 million in local salaries 🤣
Chief
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.
GT1 for the win!
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
$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
How do you know $50m is material ?