'Random news articles that don't warrant their own threads' thread. Page 311

  • IRWATWO 24 Jun 2020 10:23:56 710 posts
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    My ex wife works for Deloitte, and if Private Eye didn't already tell me everything I needed to know about them, that would.
  • X201 24 Jun 2020 11:14:45 20,701 posts
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    In a non-shocking plot twist...


    Wirecard: Former boss arrested over €1.9bn scandal

    https://www.bbc.co.uk/news/business-53149907
  • KnuttinAtoll 24 Jun 2020 11:57:35 8,146 posts
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    Rogueywon wrote:
    I've worked with a couple of the big four before, albeit their consultancy sides rather than the audit side - and they were fucking terrible. Their names carry a lot of weight, but a lot of the actual work seems to be carried out by low-level drones with no appreciable training. I actually got to sack one of them from a contract once, which was fun. In an attempt to keep our business, they invited us along to a meeting at their lavish HQ and threw the full corporate hospitality spread at us (no, it doesn't extend to cocaine and hookers).

    All that did was make us think "oh, so that's where our money's going" and then double down on sacking them.
    I'm dealing with 3 out of the 4 (no E&Y), with both consultancy and audit staff, and yeah I'm not impressed, particularly knowing what they can charge and because at least the former group are direct competition to me.

    The auditors were particularly thick on numerous occasions ("please confirm record count of a Trial Balance", that sort of stuff), while the consultants are often light on detailed knowledge and just blowing hot air, but at least they tend to have slick PowerPoint skills.
  • Rogueywon Most Generous Forumite, 2016 24 Jun 2020 12:14:13 8,991 posts
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    @KnuttinAtoll My big horror story with one of them was a few years back. We were working on a moderately contentious infrastructure project - one just about big enough to get political. Lots of arguments for and against it, some deeply held views and a strong prospect that whoever "won", the losers would take them to court. Plus it sat at the intersection of various horribly complex bits of the planning system.

    One of our then-directors decided we needed to get one of the big four to give us an economic assessment, via their consultancy arm. Never mind that we were perfectly capable of doing this in-house - he wanted the branding-benefit of a big-four report. So we paid through the nose and were confidently promised a piece of work that would "settle the debate for good".

    And it ran massively late, with deadline after deadline being missed. When we finally insisted on seeing a report, we got something that wouldn't have passed muster as an economics sixth-former's homework - it essentially just said "this project is dead good, honest".

    When we confronted them on it, the conversation went as follows:

    Us: What the fuck is this?

    Them: It's an economic impact assessment.

    Us: No it isn't. There's no actual assessment in there. It's just an essay. We even specified the methodologies we wanted applied and you've not done anything.

    Them: But we've told you the project will be really great. That's what you wanted, isn't it?

    Us: But this report is absolutely no use. There's no evidence in it, it won't convince anybody and it has less than zero value if it ends up being used in court proceedings.

    Them: But it's us saying it's really great. What more do you need?
  • sport 24 Jun 2020 12:30:06 16,107 posts
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    It were bexit, weren't it?
  • KnuttinAtoll 24 Jun 2020 13:13:03 8,146 posts
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    :D
  • Rogueywon Most Generous Forumite, 2016 24 Jun 2020 13:21:40 8,991 posts
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    No, though there was a PWC report a while before the EU referendum was called that said "meh, it's no big deal", which was pretty hilarious (and typical of their usual quality). They changed their tune massively once the vote was called.
  • Graxlar_v3 24 Jun 2020 20:59:43 10,217 posts
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    Problem with the big 4 is that they are basically training firms. Kids come out of university with a degree on economics or finance and within 3 months are sent to do 80% of the work in auditing accountants with a qualification on par with the one they are currently studying for and years of experience.

    I have 3 years of certified experience, and I feel like I am teaching the auditors on occasion.

    We had one of the more junior members ask why our reserves increased between years, which is a really dumb question for an accountant.

    The higher ups are clued up, but are usually handing a lot of audits at once and only get involved right at the end and in fact a lot of stuff gets sent abroad now for computerised testing.
  • dominalien 25 Jun 2020 09:06:19 9,652 posts
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    So... a system based on trust, basically. The company is trusting the auditor to do their job and the auditor is trusting that no one will find out they aren't.
  • Rogueywon Most Generous Forumite, 2016 25 Jun 2020 09:31:05 8,991 posts
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    @dominalien To a degree, there's always going to have to be trust in the audit process. The problem with the big four is that their brands often bring a big degree of trust with them, but the companies themselves have become fat, lazy and prone to abusing that trust and doing a half-arsed job (at best).

    Sometimes, of course, the auditor gets involved in something much murkier. Don't forget that the Big Four used to be the Big Five, until Arthur Andersen got into a spot of bother over Enron.

    One of my old bosses worked - very briefly - at Arthur Anderson. As she told it, her first (and last) day there was the famed Day of the Shredders.
  • dominalien 25 Jun 2020 10:30:20 9,652 posts
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    All this is doing nothing to help my general and completely unfounded distrust of people /o\

    Edited by dominalien at 10:31:17 25-06-2020
  • sport 6 Jul 2020 19:41:26 16,107 posts
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    2020 called, said NW London needed a flood
  • anephric 15 Jul 2020 18:49:29 4,186 posts
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    https://www.theguardian.com/world/2020/jul/15/italy-robinson-crusoe-mauro-morandi-eviction-budelli-island-paradise

    This is a bit sad. I waved to this guy when I went past on a boat on holipops a few years ago.
  • askew 24 Jul 2020 14:36:24 21,554 posts
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    https://www.bournemouthecho.co.uk/news/18604225.moors-valley-railway-derails/

    Good lord.
  • Decks Best Forumite, 2016 24 Jul 2020 14:41:30 25,594 posts
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    Oh the humanity
  • JamboWayOh 24 Jul 2020 14:43:25 19,988 posts
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    A GRANDFATHER described the moment the Moors Valley railway derailed as “very odd”.
  • Jono62 24 Jul 2020 14:47:07 25,350 posts
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    Glad everyone survived.
  • sport 24 Jul 2020 14:47:55 16,107 posts
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    Why isn't this getting more traction?!?!
  • JamboWayOh 24 Jul 2020 14:50:41 19,988 posts
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    sport wrote:
    Why isn't this getting more traction?!?!
    It's the Democrats, Sport. They started with the coronavirus hoax and now this.
  • Jono62 24 Jul 2020 14:51:36 25,350 posts
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    The more I think about the story, the more STEAMED I get.
  • sport 24 Jul 2020 14:52:50 16,107 posts
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    JamboWayOh wrote:
    sport wrote:
    Why isn't this getting more traction?!?!
    It's the Democrats, Sport. They started with the coronavirus hoax and now this.
    Literally sleepers!!!
  • smoothpete 24 Jul 2020 14:53:54 36,989 posts
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    Ooooof that state of that crash. NSFW warning
  • drhickman1983 24 Jul 2020 15:02:41 6,857 posts
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    Won't be able to sleep tonight now.
  • askew 24 Jul 2020 15:11:09 21,554 posts
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    "Not a major incident" apparently. DEEP STATE
  • challenge_hanukkah 24 Jul 2020 15:12:28 12,840 posts
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    This is worse than the Trumpton riots.
  • Pilot83 24 Jul 2020 19:49:05 106 posts
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    Choo-choos and prayers from the mainland. Stay safe everybody. :(
  • Jono62 28 Jul 2020 20:06:57 25,350 posts
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    https://www.standard.co.uk/news/uk/tommy-robinson-abroad-safety-uk-wife-home-a4510186.html

    Pray for Tommy, peace by upon him.
  • Immaterial 29 Jul 2020 11:42:31 2,403 posts
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    @Jono62 The absolutely amazing irony of that man having to leave his own country in fear of his life, to become a refugee in another country is a thing of splendour.
  • TechnoHippy 2 Aug 2020 20:31:28 17,476 posts
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    Elon Musk's been on Twitter again - https://www.bbc.co.uk/news/world-africa-53627888
  • fontgeeksogood 2 Aug 2020 20:54:25 9,972 posts
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    I told you all years ago he was the worst person who ever lived
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