"There is nothing more sacred in the auditor-client literature than the notion of auditor independence, dating from the emergence of a professionalized service in the 19th century. According to the self-congratulatory atmosphere among the regulators of the world's securities markets, the problem of dubious accounting would be fully solved by strictly limiting the kinds of services that auditors can provide to clients. Yet with each of the surviving Big Four burdened by the weight of a litigation list of cases large enough to be fatal, this unexamined burden has become yet another millstone. To be both blunt and unconventional — it is time to stop making nice, and to discard this 165-year-old piece of conventional wisdom. The concept of auditor independence does not serve the interests of investors."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Jim Peterson, (1st edition 2015).
https://en.wikiquote.org/wiki/Auditor
Revision History
No revisions have been submitted for this quote.
Categories
Auditor
4 quotes on TrueQuotesView all quotes by Auditor →
Related Quotes
"Clearly the attitude of disrespect that many executives have today for accurate reporting is a business disgrace. And…"
"One of the biggest problems facing regulatory compliance is individuals running testing applications without understa…"
"It is the duty of the auditor to see that the authority to charge is not made a pretext for extravagance or favouritism."
"There is no short game for a venture capitalist"
"Building products has become easier and cheaper, but building brands is harder than ever"
"The first phase of ROI is understanding if your unit metrics justify growth. Without that, there is no longer game"
"If you're building a platform like Zepto or Blinkit, you’re in the Formula One lane. You need capital at scale, netwo…"
"Somehow, we have come to equate profitability with a lack of ambition"
"Technology has flattened the field - logistics, payments, backend operations - all are easier now. But if you don’t u…"
"You can test your idea with very little capital. Bootstrap first. Validate your model. Don’t dilute before you’re ready"