The audit model is broken, it never had a chance. The large audit firms partner with corporate management to produce financial statements that are misleading. Accounting standard setters, under the influence of politicians, large audit firms and corporate management are gung-ho for adopting IFRS and accounting standards that are corporate friendly. Night has descended on the accounting world.
Don’t you wish we could take back the accounting world? I do. Some BGSU students have an interesting take on taking it back. For proper viewing, imagine that E&Y and/or Lehman Brothers Holdings, Inc. is the Christmas thief, and Santa is, well, Santa.
If only we accountants could take back the night. Where is Santa when we need him?
Debit and credit – – David Albrecht