Prestwich_Blue
Well-Known Member
The Directors are responsible for the accounts and if a company is determined to pull the wool over peoples' eyes, it can be difficult for the auditors.Are our auditors, BDO, legally responsible for the accounts?
If so, perhaps it's they who should be informed that SKY have broadcast that they are guilty of aiding and abetting fraud
@Prestwich_Blue
@bobbyowenquiff
In my accountancy days, I worked on the audit of one of our biggest clients and we were suspicious that something funny was going on but couldn't pin it down. However it was a stroke of luck that we uncovered it (unless the senior auditor had been quietly told by the newly-appointed accountant where to look). In doing that, we uncovered the first major insider dealing scandal under the relevant legislation.
Auditors just sample stuff and can't look at every transaction. And they aren't tasked with uncovering fraud, just that the accounts show a 'true and fair view'. Any discrepancies, even if uncovered, would have to be significant in the overall scheme of things. You wouldn't qualify the accounts of a £500m turnover company if £10 had gone missing from petty cash a few times.