kpmg, deloitte, ernst & young, or pwc??
None. Auditors add no value. This is fact. Enron, Satyam, Madoff, Tyco, WorldCom. They say they followed their principles, so maybe it is the Auditing standards and procedures that are worthless. I interned at one of those firms. Talk about red carpet treatment… Too bad Big 4 is the biggest pyramid scheme in the world…
Which one: Kim, Khloe, Kourtney, or Bruce
fxguy1234 Wrote: ------------------------------------------------------- > They say they followed their principles, so maybe > it is the Auditing standards and procedures that > are worthless. I have a friend that works at PWC and I asked him a few months ago if he thinks they catch everything that a company might want to hide during an audit. He said that as far as he can tell, the all the auditors he knows are honest and do their best to catch errors and fraud, but that it’s only realistic for them to attain about a 90% accuracy rate. In other words, they don’t look at everything – they spot check. A few weeks after our conversation, Satyam went down in flames. The lesson? The errors or missed items that fall into the remaining 10% are not equally weighted! Actually, I think Satyam was auditor-assited fraud (I didn’t really follow up with the story after the news first broke, but I seem to remember reading that the auditors were arrested), but the point still stands: Auditors may catch a lot, but there is still significant room for error. And honest error doesn’t even include the loosey-goosey rules that companies can legally employ under GAAP.
From my experience, auditors do not understand the complexity of the business, and all their checking just generates appearance of activity. It is easy to make sure they they get off your back - just make sure all the information you give them matches between the various pieces. Self regulation is the biggest piece of bull out there. Unless there is an adversarial relationship between the auditor and the company, it is all just PR.
remember: “Recessions reveal what auditors don’t” - they’re a complete waste of space… but if you really need a job and you get an offer to join any of the big 4 (they’re all the same) - join - spend a year doing time in audit then switch into consulting or valuation or corp finance - there you can learn some actual skills and meet contacts - then get out into the real world. good luck…
i wasnt talking about just audit of course there is tax, consulting, Corp finance etc… in big 4
null&nuller Wrote: ------------------------------------------------------- > remember: “Recessions reveal what auditors don’t” > - they’re a complete waste of space… > > but if you really need a job and you get an offer > to join any of the big 4 (they’re all the same) - > join - spend a year doing time in audit then > switch into consulting or valuation or corp > finance - there you can learn some actual skills > and meet contacts - then get out into the real > world. > good luck… Good to have you back null. By the way are you related to Nicholas Bolton, the new corporate dude of Australia? I think he rocks - taking on MQB n Deutche Bank and he appears to be winning.
null&nuller is one of my favorite posters JOE2010 on the other hand, {insert insults}
sublimity Wrote: ------------------------------------------------------- > null&nuller is one of my favorite posters > > JOE2010 on the other hand, {insert insults} Sublimity is also one of my favourite posters.
JOE2010 Wrote: ------------------------------------------------------- … > > Good to have you back null. By the way are you > related to Nicholas Bolton, the new corporate dude > of Australia? I think he rocks - taking on MQB n > Deutche Bank and he appears to be winning. ahh… Nicholas Bolton - the guy has balls…just as well he bought a put option from some clown buddy of his dad. The whole story will go on for years in the courts. BrisConnect will go down in history as the shining example of the top of the crazy 2000s greed cycle - worst IPO of all time - listed at $3 - part paid up front to $1, the another $2 over time. Trading at 0.1 of a cent. THe whole structure is a disaster - $5b freeway construction project funded with $1.2b equity (part paid shares) + the rest in high yield debt. At least the project made sense. Was to build a freeway from Brisbane to the airport. For anybody who’s actually been to Brisbane - there is only one good thing about Brisbane - that is the road to the airport to get the hell outta the place!. So making the getaway faster with a new freeway was a great idea - the faster the better… Anyway the part-paid shares sucked in thousands of mums & dads with online broker accounts and trigger fingers in their mouses - thinking they were getting a bargain at 0.1 cent per share, but really they were taking on a $2 per share liability. There are housewives all over the country who bought $1,000 of shares and now owe millions without even knowing it. The demands for payment will hit them on April 29. Normally would end in bankruptcy for thousands of mums & dad investors. Macquarie pulled out $160m in fees (cash upfront of course) for arranging the disaster but now face about $390m in underwriting losses (+ Deutche will cough up the other $390m) Outcome? - My bet is that the government (probably state, with Federal guarantee, because the State can’t raise a dime) will bail out the mums & dads and back a Mac-bank led bailout. More tax-payer funds wasted - all in the name of the “KFC” (Kevin’s Financial Crisis). Aside form Mac bank, the real villain is going to be Trevor Rowe (ex-Salmons Hong Kong head). He’s chairman of the listed company, chairman of the management co, director of QIC (the main funder), and director of the ASX as well. He’s pulling out massive fees left right and centre!. Talk about conflicts of interest!!! (He has a nice 90ft Princess, too - boat that is - four live-on-board staff - rather nice actually - berthed at White Bay, just near Liquidity restaurant. The press and the mums & dads will find it and throw rocks at it) It will be funny stuff… (not sure what all this has to do the the post - but I was bored…)
null&nuller Wrote: ------------------------------------------------------- > JOE2010 Wrote: > -------------------------------------------------- > ----- > … > > > > Good to have you back null. By the way are you > > related to Nicholas Bolton, the new corporate > dude > > of Australia? I think he rocks - taking on MQB > n > > Deutche Bank and he appears to be winning. > > ahh… Nicholas Bolton - the guy has balls…just > as well he bought a put option from some clown > buddy of his dad. > The whole story will go on for years in the > courts. BrisConnect will go down in history as the > shining example of the top of the crazy 2000s > greed cycle - worst IPO of all time - listed at $3 > - part paid up front to $1, the another $2 over > time. Trading at 0.1 of a cent. > > THe whole structure is a disaster - $5b freeway > construction project funded with $1.2b equity > (part paid shares) + the rest in high yield debt. > At least the project made sense. Was to build a > freeway from Brisbane to the airport. For anybody > who’s actually been to Brisbane - there is only > one good thing about Brisbane - that is the road > to the airport to get the hell outta the place!. > So making the getaway faster with a new freeway > was a great idea - the faster the better… > > Anyway the part-paid shares sucked in thousands of > mums & dads with online broker accounts and > trigger fingers in their mouses - thinking they > were getting a bargain at 0.1 cent per share, but > really they were taking on a $2 per share > liability. There are housewives all over the > country who bought $1,000 of shares and now owe > millions without even knowing it. The demands for > payment will hit them on April 29. > Normally would end in bankruptcy for thousands of > mums & dad investors. > Macquarie pulled out $160m in fees (cash upfront > of course) for arranging the disaster but now face > about $390m in underwriting losses (+ Deutche will > cough up the other $390m) > > Outcome? - My bet is that the government (probably > state, with Federal guarantee, because the State > can’t raise a dime) will bail out the mums & dads > and back a Mac-bank led bailout. More tax-payer > funds wasted - all in the name of the “KFC” > (Kevin’s Financial Crisis). > > Aside form Mac bank, the real villain is going to > be Trevor Rowe (ex-Salmons Hong Kong head). He’s > chairman of the listed company, chairman of the > management co, director of QIC (the main funder), > and director of the ASX as well. He’s pulling out > massive fees left right and centre!. Talk about > conflicts of interest!!! > (He has a nice 90ft Princess, too - boat that is - > four live-on-board staff - rather nice actually - > berthed at White Bay, just near Liquidity > restaurant. The press and the mums & dads will > find it and throw rocks at it) > It will be funny stuff… > > (not sure what all this has to do the the post - > but I was bored…) I have been on secondment with my employer in Australia since January last year and have seen some pretty interesting stuff down under: I am amazed by the number of Australians just willing to buy shares, just because they are valued at 0.01cents - without regard to their ability to pay for 2nd or 3rd calls. More surprising is the lady who owns 8% of Bris “Con” - and she is not even aware whether the calls will arise, and if so, whether they are enforceable. Then comes a 27 year old dude with a hair style that looks like that of a Rock Star - and tries to wind up a $5 Billion just because he can not afford the remaining calls. Recently I received $900, from the Australian government as a “bonus payment” - yet am not even an Australian citizen, and my income is not anywhere near the means tested threshold of ATO. Criminals, Cats and Dogs have also been receiving this stimulus money. Then your prime minister is asking us to spend!
borrowing money we don’t have, to spend on buying stuff we don’t need - was the CAUSE of the problem in the first place - so of course the SOLUTION to the problem therefore is to borrow even more money we don’t have, to spend on buying even more stuff we don’t need. makes sense to me - go spend!
JOE2010 Wrote: ------------------------------------------------------- >> > Good to have you back null. By the way are you > related to Nicholas Bolton, the new corporate dude > of Australia? I think he rocks - taking on MQB n > Deutche Bank and he appears to be winning. Disagree with you JOE. I think he’s an opportunistic egotistical brat who is f*cking with a $5 billion vital infrastructure project in the hope of earning himself a big payday. Yeah he’s got balls but I don’t applaud wankers who put themselves ahead of the rest of the community in order to make some dough (which is what this is all about - he’s not doing this for fun or for charity, it’s about making some green).
newsuper Wrote: ------------------------------------------------------- > JOE2010 Wrote: > -------------------------------------------------- > ----- > >> > > Good to have you back null. By the way are you > > related to Nicholas Bolton, the new corporate > dude > > of Australia? I think he rocks - taking on MQB > n > > Deutche Bank and he appears to be winning. > > > Disagree with you JOE. I think he’s an > opportunistic egotistical brat who is f*cking with > a $5 billion vital infrastructure project in the > hope of earning himself a big payday. > > Yeah he’s got balls but I don’t applaud wankers > who put themselves ahead of the rest of the > community in order to make some dough (which is > what this is all about - he’s not doing this for > fun or for charity, it’s about making some green). uh…HULLO!..isn’t the whole purpose of finance to re-allocate the hard-earned savings of workers and magically transform it into yachts and bentleys - for us, not for the workers just kidding - bentleys are soooooo last year. btw - nothing about brisbane is “vital”…
^ nope, you gotta make sure everyone gets their fair share and everyone (even untalented slackers) feel warm and fuzzy inside people are too greedy, they need to share, especially with other members in their family like big brother
null&nuller Wrote: ------------------------------------------------------- > newsuper Wrote: > -------------------------------------------------- > ----- > > JOE2010 Wrote: > > > -------------------------------------------------- > > > ----- > > >> > > > Good to have you back null. By the way are > you > > > related to Nicholas Bolton, the new corporate > > dude > > > of Australia? I think he rocks - taking on > MQB > > n > > > Deutche Bank and he appears to be winning. > > > > > > Disagree with you JOE. I think he’s an > > opportunistic egotistical brat who is f*cking > with > > a $5 billion vital infrastructure project in > the > > hope of earning himself a big payday. > > > > Yeah he’s got balls but I don’t applaud wankers > > who put themselves ahead of the rest of the > > community in order to make some dough (which is > > what this is all about - he’s not doing this > for > > fun or for charity, it’s about making some > green). > > > uh…HULLO!..isn’t the whole purpose of finance to > re-allocate the hard-earned savings of workers and > magically transform it into yachts and bentleys - > for us, not for the workers > > just kidding - bentleys are soooooo last year. > > btw - nothing about brisbane is “vital”… I’ve no problem with people making money, but I think it gets out of line when some guy puts at risk thousands of jobs just so he can have a big payday
that’s what corporate governance is about
i would happily risk the jobs of millions of people for my own payday, screw them - i’m not jesus christ here you are living in a fantasy world if you think that people are not going to look for their own selfish interests first, especially when millions and billions of dollars are on the line
This is old, but I think it sums up finance pretty well, don’t you agree? http://longorshortcapital.com/finance-is-a-scam-we-admit-it.htm