Re:EY gets banned from new audit business in Germany
by vajrabum on Sunday April 09, 2023 @12:40PM
(#35504295)
Advice for money at least at the top level is in the long run always going to end up bad advice. The incentives are pretty much all about lining up more work for the firm.
Re:EY gets banned from new audit business in Germany
by oxfordmale on Sunday April 09, 2023 @12:39PM
(#35504285)
Yes, companies should be free to waste their money as they want. However, auditors serve a purpose and that is to identify any fraudulent activities. In the case of Wirecard, EY failed at this.
Re:EY gets banned from new audit business in Germany
by theK on Sunday April 09, 2023 @01:57PM
(#35504951)
Correct and that is why they should be made accountable for this. I'm with gp that this particular ban is a bit harsh but nonetheless it is the state determining accountabilities and it seems to have been a thorough investigation.
OTOH, the monetary penalties where a bit on the light side so maybe that also balances out the rather harsh ban.
Otherwise, I mostly agree, though I don't support a ban. It's a complex topic - companies are free to waste money how they want, and even governments do need real advice. It's just too bad they pick such shitty advisors to support decisions they've already made instead of actually seeking good advice.