Crazy Eddie Memoirs: None of the BIG 4 accounting firms are any good when it comes to so-called audits. In fact, there is NO SUCH THING as audits of public companies. The use of the term "audit" is false, misleading, and gives investors a false sense of security. [thread 1/4]
https://twitter.com/alexfrangos/status/1317143093116809223
At best, so-called audits as they are conducted today are limited reviews of financial reports similar to the grammar/spellcheck feature on MS Word. [thread 2/4]
A major part of the problem with auditing is the culture of the accounting profession. For example, the words "audit target" DO NOT APPEAR anywhere in the professional standards. Companies are called "audit clients." [thread 3/4]
Few, if any, public companies choose auditors based on their ability to find accounting irregularities. Auditors are chosen based on their ability to deliver an "unqualified opinion" with the least amount of headaches. [thread 4/4]
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