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07 Dec 19 23:25
Date Joined: 02 Aug 04
| Topic/replies: 7,153 | Blogger: Vubiant's blog
Many aspects of the FAI fiasco will need analysis from people better informed than me but one issue screams out for critical attention.
This is the matter of the total failure of the auditing exercise to establish the true  financial health of the FAI . What the hell use are those  auditors who seemingly just breeze in ,get totally hoodwinked , add up a few figures and slope off after trousering astronomical fees.
Serious questions need to be asked about this highly suspect profession -who fail so spectacularly so often. The whole thing leaves a horrible stench .
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Report olddesperado December 7, 2019 11:49 PM GMT
I've often said the same thing.

They continuely get a free pass despite as you say charging fortunes.

And it's the same old companies all the time.

Someone whistleblows or a gaping hole appears in accounts and they get paid to come in again and charge another fortune.

They really should be held accountable if they sign off on an account unless given false information.
Report curlywatt December 9, 2019 1:02 AM GMT
I'm no genius but there has to be major fraud involved here something akin to anglo where they were moving money around to indicate they were financially in a good position, if I go 10 euro overdrawn I'm pulled up, you can't possibly have an organization go 55 million in debt ? the people from pwc kmpg etc, who do these audits are the juniors who are on the lowest pay grades within their companies
Report peckerdunne December 9, 2019 2:12 PM GMT
The show must go on, till it doesn't...

Accountancy firms have no moral code whatsoever.
Report Racingqueen January 5, 2020 9:38 PM GMT
The Irish media in totality are absolutely f**king useless in not raising this question more

Audits are worth absolutely nothing and there is zero doubt in this a criminal offence has occurred for an audit to so abjectly fail over such a long period.

Auditors in general are bull5hit artists and spoofers. Any I've worked with will hang some junior staff for getting a date wrong or typo. Bankrupt the company? f**k it, we had no idea Crazy

These days accounting practices are so shady and complicated that unless you are involved with accounts on a day to day basis, you have no idea whats going on and you are completely dependent on the company being audited "opening" their books in an honest fashion.
Report Catch Me ifyoucan January 30, 2020 2:37 PM GMT
Over €19.1m to be given to the FAI on top of annual €2.9m govt grant. It's not a bail out, insists Minister Ross (but is sure looks like it).
Report kkkatt January 31, 2020 12:49 PM GMT
They should have let them go to the wall. Things would go on at grass root level. Set up a Go Fund Me page for sending the international teams abroad. Let the bigwigs rot in their own squalor. The lack of personal accountability both here and in the banking sector is utterly ridiculous, never mind the muppet auditors. BOI throw money at the FAI because if it all goes t*ts up they`re confident there`ll be a bailout. It`s like the bondholders all over again. The old adage after the banking collapse was if you pay peanuts you get monkeys. A chimpanzee would have managed the FAI better than Delaney did. That`s not being derogatory, it`s a statement of fact.
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