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Thread: The REAL Untouchables:PWC,KPMG & Ernest & Young

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    Default The REAL Untouchables:PWC,KPMG & Ernest & Young

    Why is it that the three main auditing firms in this country seem totally immune from the banking collapse and recession?
    Sean Fitzpatrick tells Bank of Ireland that Anglo is insolvent in the same months the genuises in Ernest & Young give the bank a clean bill of health and declare a profit of 700 million.
    PWC compile a report that puts the Anglo cost to the state at 4 billion. Wrong by about 30 billion.
    KPMG were audiors to INBS while Fingers was on his rampage.
    What penalty have those firms incurred? They have all been rewarded significant contracts to do with NAMA and the banking crisis. PWC have just recently been awarded another contract regarding the bank crisis. While the country has been made destitute these firms are literally making a fortune at the expense of the taxpayer.
    While people are getting excercised over Ivors 3,000 in dodgy phone expenses these firms are charging staff out at this amount per DAY to provide 'advice' to the state. Any search of the banks advisors will find these three gangs involved intimately and yet they are now profiting in the aftermath. Its an obscenity.

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    Default Bankers and Zanu-FF.

    Quote Originally Posted by Oldira1 View Post
    Why is it that the three main auditing firms in this country seem totally immune from the banking collapse and recession?
    Sean Fitzpatrick tells Bank of Ireland that Anglo is insolvent in the same months the genuises in Ernest & Young give the bank a clean bill of health and declare a profit of 700 million.
    PWC compile a report that puts the Anglo cost to the state at 4 billion. Wrong by about 30 billion.
    KPMG were audiors to INBS while Fingers was on his rampage.
    What penalty have those firms incurred? They have all been rewarded significant contracts to do with NAMA and the banking crisis. PWC have just recently been awarded another contract regarding the bank crisis. While the country has been made destitute these firms are literally making a fortune at the expense of the taxpayer.
    While people are getting excercised over Ivors 3,000 in dodgy phone expenses these firms are charging staff out at this amount per DAY to provide 'advice' to the state. Any search of the banks advisors will find these three gangs involved intimately and yet they are now profiting in the aftermath. Its an obscenity.
    That's because the bankers and Zanu-FF are both the one...They have both
    fooked up this country big time...

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    I snigger to myself whenever I see the PWC bus around town.

    Full of keeping up middle class appearances gimps on €17k a year doing "internships".

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    Politics.ie Member Nipper's Avatar
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    Self regulated , closed shop, politically connected etc etc.

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    Quote Originally Posted by firefighter View Post
    I snigger to myself whenever I see the PWC bus around town.

    Full of keeping up middle class appearances gimps on 17k a year doing "internships".
    That maybe true but how many of these "gimps" are on 17k post their internships? Means to end.

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    Politics.ie Member collina's Avatar
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    Quote Originally Posted by Oldira1 View Post
    Why is it that the three main auditing firms in this country seem totally immune from the banking collapse and recession?
    Sean Fitzpatrick tells Bank of Ireland that Anglo is insolvent in the same months the genuises in Ernest & Young give the bank a clean bill of health and declare a profit of 700 million.
    PWC compile a report that puts the Anglo cost to the state at 4 billion. Wrong by about 30 billion.
    KPMG were audiors to INBS while Fingers was on his rampage.
    What penalty have those firms incurred? They have all been rewarded significant contracts to do with NAMA and the banking crisis. PWC have just recently been awarded another contract regarding the bank crisis. While the country has been made destitute these firms are literally making a fortune at the expense of the taxpayer.
    While people are getting excercised over Ivors 3,000 in dodgy phone expenses these firms are charging staff out at this amount per DAY to provide 'advice' to the state. Any search of the banks advisors will find these three gangs involved intimately and yet they are now profiting in the aftermath. Its an obscenity.
    Far be it for me to stick up for the few Private Sector trash who instigated the Banking Crisis, but its near impossible for Auditors to detect conspiracy between separate entities. You'd have to be either lucky or tipped-off.

    Auditors never give a "clean bill of health", they simply say whether or not what they are allowed to see is "true and fair". You can't see Bank Executives meeting-up in hotels at half-five to switch loan-books in the last day of the financial period, only to switch them back again at a minute-past midnight that night.
    If you must break the law, do it to seize power: in all other cases observe it. Julius Caesar

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    Politics.ie Member sandar's Avatar
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    the big acciountancy firms, the law and banking are all areas where oligopolic markets have developed....
    vince cable highlighted this and the measures he wants to take to stop it in the UK, i have heard of no Irish politician advocating action
    "Sometimes the best thing a government can do is simply get out of the way"-Vince Cable

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    They are accountants. They audit your books for money.

    If you think they broke your freely-entered-into contract, take them to court.

    They didn't hand over a lot of money of money to developers and come crying to the Taxpayer when they weren't paid back.

    Just because they wear suits doesn't make them guilty.

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    Politics.ie Member Future's Avatar
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    It is not the job of the auditor to detect fraud.

    If there is collusion between employees or seperate entities it is extremely difficult to detect wrong doing.

    Also if these organisations are deemed to have done wrong there is consequences. Remember Enron and Arthur Andersen?

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    Quote Originally Posted by Future View Post
    It is not the job of the auditor to detect fraud.

    If there is collusion between employees or seperate entities it is extremely difficult to detect wrong doing.

    Also if these organisations are deemed to have done wrong there is consequences. Remember Enron and Arthur Andersen?
    We are not talking about fraud here. We are talking about the fact that auditors give an opinion on the state of the companys books and whether the company is a going concern. Clearly in September 2008 Anglo had dodgy books and was insolvent yet this totally escaped their auditors. Now at the very least this denotes incompetence which should disqualify them from government work at the very least.
    Aloso regarding the Seanie Fitz loans.. KPMG did notice these loans on the books of INBS and warned their clients about this but the smart alecs in E & Y did not notice them in their clients books. Either Ernest & Young were lied to or else they were complicit in the cover up. These guys were paid 6 million a year. Hardly peanuts.

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