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]
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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More from @SamAntar

24 Nov 17
Tip for Fraudsters: You get a bigger bang for the buck overstating income and overpaying taxes as public company than understating income and evading taxes as a private company. 1/
2. For example, assume a 40% income tax rate. If you understate earnings by $1 million, you save $400k in taxes.
3. If you inflate income by the same $1 million, you overpay $400k in taxes which results in an inflated net income of $600k.
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