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Fortune: Auditing is Broken

In a Fortune article, Wirecard shows auditing is broken. Here’s why—and how to fix it, JEREMY KAHN holds that auditing is broken.  He points out that a POGO study found that when the PCAOB inspected Big 4 audits it found: 

  • Deloitte botched 20%
  • PWC botched 23.6%
  • EY botched 27.3%
  • KPMG botched 50%

Unbelievable.

The article proposes a fix.  I would add to that proposal using more automation.  Understanding Digital shows how aspects of accounting, reporting, auditing, and analysis can be automated.  I know that this works.  As this article points out, a philosopher said, “The difference between arrogance and confidence is performance.”  I am not being arrogant...I am confident I can deliver.  Just need to figure out a way to get people to admit that there is a problem.

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Posted on Tuesday, July 21, 2020 at 06:31AM by Registered CommenterCharlie in | CommentsPost a Comment

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