26-12-2003 16:21									#31
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Excerpt from a CNN article :

quote: "Auditors need to make sure they are looking at real documents, in addition to photocopies and faxes, and they should be confirming as much as possible with outside parties like banks, customers and so forth," said Craig Greene, a Certified Fraud Examiner specializing in financial investigations and founding partner of Chicago accounting firm McGovern & Greene. "Those standards should have been adhered to, they (the auditors) clearly did not do their job," said Greene.

The audit firm will have to choose between incompetence or complicity.

	26-12-2003 16:42									#32
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quote: Originally posted by Big Crunch It doesn't help that auditors are generally not liable for failing to detect fraud or deliberate deception in accounts*. The concept of auditing is all a bit of a joke really, considering. *In many instances even if they are aware of it they are not required to report it, unless it relates to soemthing like terrorism. They are simply advised to decline to sign off the audit report or accounts.

In fact, our law on corporate business makes an obligation for the auditors to report to penal justice any fraud identified. It is delictuous not to do so.

Actually it is rarely done, because the biggest frauds are hidden behind technicalities.

	26-12-2003 18:05									#33
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This proves that Paris is the capital of all the crime in the world and Washington stands for righteousness and goodness.
By extension this also proves that Reagan is a god, Bush is a saint, and Ken Lay is a prophet.

All hail!

	27-12-2003 01:17									#34
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Well said Commie

	27-12-2003 04:21									#35
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It shure took a hell of a lot more paper and convoluted partnerships to fool Enron's auditors and the SEC than it did to fool Parmalt's oversight. The USA guys must be more shophisticated..

	27-12-2003 05:41									#36
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quote: Originally posted by JohnT I have no knowledge of international finance, but shouldn't a third-party document (especially one "worth" $4 billion) presented by a primary party to another primary party require at least a phone call for verification purposes? "Hey, Parmalat sez they have a $4 billion account with you. Is that so?"

Whenever I phoned banks to confirm audit letters they gave me a big run around. I remember once I got redirected about 15 times only to redirected to the person I originally rang.

Maybe they'll use the "We couldn't get through" excuse to explain why they didn't get confirmation.

	27-12-2003 05:42									#37
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But at least you phoned the bank.

	29-12-2003 00:27									#38
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Parmalat fraud may have been perpetrated over a period of 15 years. The final numbers may be as large as $12billion USD. Enron are rank beginners compared to this.

	29-12-2003 00:42									#39
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quote: Originally posted by KrazyHorse I drink Parmalat milk.

And I've never heard of Parmalat before.

	29-12-2003 09:45									#40
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Where is that litte-brother, dicksize obvessiesed sophist, snail shell dweller Roland?

	29-12-2003 09:48									#41
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Dude you are on a roll

But that is a good question actually.

	29-12-2003 10:51									#42
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quote: Originally posted by DAVOUT It seems to me that the poor Italians are innocent victims of a plot organized by America (Bank of) and Deloitte & Touche.

Wow, your xenophobia knows no bounds, does it?

	29-12-2003 10:53									#43
	Inflate your Upload Space

I didn't see that... that's pretty funny, DAVOUT.

	30-12-2003 00:06									#44
	Arrests Increase the size of your Attachments

Calisto Tanzi was arrested. Perhaps as many as 20 to face criminal charges.

	01-01-2004 07:13									#45
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http://www.cnn.com/2003/WORLD/europ...ests/index.html

Parmalat chief a broken man.

	01-01-2004 09:12									#46
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Today's Wall Street Journal has a few interesting quotes:

quote: The Parmalat affair, investigators say, was astonishing in its simplicity and amateurishness. Rather than the sophisticated financing vehicles and partnerships that Enron Corp. used, pieces of it were often little better than slapdash. Though it did involve some hard-to-decipher financial transfers, it was apparently sustained through very basic techniques. Over the course of years, investigators say, documents were poorly forged on a scanner, then run through a fax machine to make them look authentic. Signatures... were lifted from old letters and copied onto new ones, and official stamps clearly tampered with. Then four times a year, when quarterly results were due, they say financial accounts and results were inflated. An example: A single Parmalat unit claimed to have sold enough milk to Cuba to provide every single Cuban with about 55 gallons of milk a year.

	02-01-2004 09:08									#47
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But in the great worker's paradise that is Cuba, they all have good health care and plenty of milk. Their literacy rate is the greatest in the world. 55 gallons is completely plausible.

	02-01-2004 09:27									#48
	Avatar Enlargement: We've got the solution

In Cuba they are eco-friendly. Their cars run on milk.