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Thread: Has the Accountancy Profession got big questions to answer?

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    Politics.ie Member clearmurk's Avatar
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    Default Has the Accountancy Profession got big questions to answer?

    I have mused for some time as to how Banks, which had been audited as “going concerns” could, in some cases, a few months later collapse into insolvency.

    It seems this question, which might usefully have been addressed had an inquiry been undertaken into the activities of Banks and their associates, is troubling many others in the UK.

    At least the issues around prudential accounting, or the lack thereof, are getting a hearing there.

    IFRS under fire at Parliamentary hearing | AccountingWEB

    EU negligence on accounting standards allowed Irish banks to conceal losses - The Irish Times - Mon, Jan 21, 2013

    Accountants ignored company law and protected bankers - The Irish Times - Mon, Jun 04, 2012

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    Quote Originally Posted by clearmurk View Post
    I have mused for some time as to how Banks, which had been audited as “going concerns” could, in some cases, a few months later collapse into insolvency.

    It seems this question, which might usefully have been addressed had an inquiry been undertaken into the activities of Banks and their associates, is troubling many others in the UK.

    At least the issues around prudential accounting, or the lack thereof, are getting a hearing there.

    IFRS under fire at Parliamentary hearing | AccountingWEB

    EU negligence on accounting standards allowed Irish banks to conceal losses - The Irish Times - Mon, Jan 21, 2013

    Accountants ignored company law and protected bankers - The Irish Times - Mon, Jun 04, 2012
    Yes--Yes--Yes and if not, they are not fit for purpose.

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    Politics.ie Member emulator's Avatar
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    Has the Accountancy Profession got big questions to answer?

    Yes.

    I would qualify that with saying not all of them.... there are plenty of decent and honest accountants I'm sure.

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    Politics.ie Member Analyzer's Avatar
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    Some accounting firms have very large questions to answer.

    As indeed does the Central Bank of Ireland, the Department of Finance, the Financial Regulator and the ESRI.

    Really serious and significant questions.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Politics.ie Member Sync's Avatar
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    I'd say the auditing profession rather than accounting (which is a small but relevant difference)
    I'm living in America, and in America, you're on your own. America's not a country. It's just a business. Now f***ing pay me.

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    Quote Originally Posted by clearmurk View Post
    I have mused for some time as to how Banks, which had been audited as “going concerns” could, in some cases, a few months later collapse into insolvency.

    It seems this question, which might usefully have been addressed had an inquiry been undertaken into the activities of Banks and their associates, is troubling many others in the UK.

    At least the issues around prudential accounting, or the lack thereof, are getting a hearing there.

    IFRS under fire at Parliamentary hearing | AccountingWEB

    EU negligence on accounting standards allowed Irish banks to conceal losses - The Irish Times - Mon, Jan 21, 2013

    Accountants ignored company law and protected bankers - The Irish Times - Mon, Jun 04, 2012
    Yes they do, not so much the bog standard company accountant, but the auditors.

    They have failed, and the thing is the introduction of IFRS was meant to counter all this....

    But first we had Pollypeck, then Cendant, a company I worked for, and then Enron....these are the ones in the public eye, there would be many more.

    As an accountant, we are all then tarred with tge same brush, a tarring that I can assure people isnt just in the majority.

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    Politics.ie Member Sister Mercedes's Avatar
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    Yes. They made money from shaky audit reports on the way up, and they're making even more money from insolvency and liquidations on the way down.

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    Quote Originally Posted by emulator View Post
    Has the Accountancy Profession got big questions to answer?

    Yes.

    I would qualify that with saying not all of them.... there are plenty of decent and honest accountants I'm sure.
    An accountant would be proud of that qualified statement.

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    Quote Originally Posted by Sister Mercedes View Post
    Yes. They made money from shaky audit reports on the way up, and they're making even more money from insolvency and liquidations on the way down.
    Who else can do insolvency and liquidations?

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    Politics.ie Member gerhard dengler's Avatar
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    Quote Originally Posted by bob3367 View Post
    Yes they do, not so much the bog standard company accountant, but the auditors.

    They have failed, and the thing is the introduction of IFRS was meant to counter all this....

    But first we had Pollypeck, then Cendant, a company I worked for, and then Enron....these are the ones in the public eye, there would be many more.

    As an accountant, we are all then tarred with tge same brush, a tarring that I can assure people isnt just in the majority.
    We've had IFRS, IAS, Sarbannes Oxley...................we have annual reports of quoted companies that run to literally hundreds and hundreds of pages disclosing tonnes of information.

    And yet we still have companies who'll try to get away with all kinds of chicanery.
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