This is exactly why small firms or individuals are not able to survive in this business. Under the current system, in large audits, small firms get overwhelmed with work and can be more readily influenced.
The tendency for the sector to concentrate will continue.
Another demonstration of why audit firms need to rotate a minimum every five years!
Onésimo Alvarez-Moro
See article:
David Friehling, the auditor at the accounting firm that signed off Bernard Madoff's books, has been subpoenaed
David Friehling, the auditor at the accounting firm that signed off Bernard Madoff's books, has been subpoenaed by investigators.
Friehling & Horowitz audited Madoff's financial statements for decades, according to press reports.
In the UK, Mark Byers, Andrew Hosking and Steve Akers, all partners at Grant Thornton have been appointed joint provisional liquidators of Madoff Securities International Limited.
The joint provisional liquidators will be assessing the assets and liabilities of the company, and will be cooperating with the Financial Services Authority in the UK and the various authorities in the United States.
See full Article.
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