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who consent to play mind games with contingent liabilities for the (short-term) benefit of their clients, thereby abandoning any pretense of professional ethics.

and it's a cultural problem : much as doctors, for example, are presumed for cultural or historic reasons to always put the health of their patients first, we are expected to credit auditors with impeccable ethics and morals.

But these are not individual professionals who might suffer in reputation or income if they make bad calls on contingent liabilities. They are corporations which are often intimately bound with the entities they audit. So we add moral hazard to arm's length issues.

It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II

by eurogreen on Fri Apr 22nd, 2011 at 03:44:41 AM EST
[ Parent ]
Also, when a doctor fucks up, people die in front of him and between his hands. When an auditor fucks up, people he's never met and whom he needn't care about die because they are deprived of the ability to see a doctor in the first place.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Apr 22nd, 2011 at 07:32:42 AM EST
[ Parent ]
Genocide by accounting fraud and stupid, special interest serving policies, such as corn ethanol fuel.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Apr 22nd, 2011 at 09:51:40 PM EST
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