Why auditors are missing red flags

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 22 May 2024

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Audit firms are supposed to put a company’s books under the microscope. But these days, regulators are finding an increasing number of flaws in the audits that they inspect. The FT’s US accounting editor Stephen Foley explains what’s going wrong, and how regulators around the world plan to fix these shortcomings.

Clips from CNN, NBC News

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For further reading:

Why don’t auditors find fraud?

Auditors failed to raise alarm before 75% of UK corporate collapses

Big Four firms rethink governance after year of mis-steps and scandals

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On X, follow Stephen Foley (@stephenfoley) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
0:02.0	Can I show this data?
0:04.0	Am I too late?
0:05.0	Find clarity in your investment decision-making.
0:08.0	Manage your portfolio for sustainable growth
0:11.0	and regulatory alignment
0:12.0	with the ultimate blend of powerful AI and
0:14.6	industry expertise.
0:16.5	Reduce risk, meet your sustainability goals and push the boundaries of possibilities based on
0:21.1	facts, not opinions.
0:23.0	Clarity AI scaling human decisions through tech.
0:26.6	Visit clarity.
0:28.0	AI and take action today.
0:30.7	Over the last decade or so, Wells Fargo has spent a lot of time in the headlines.
0:36.0	Breaking news tonight, bank bombshell, thousands of employees caught opening over a
0:41.0	million accounts and credit cards without customers consent.
0:45.3	Some charged fees.
0:47.7	It was one of the biggest banking scandals of the last decade.
0:51.7	That's the F.T.'s U.S. accounting editor, Stephen Foley.
0:54.7	And he says you might remember this Wells Fargo scandal that broke in 2016.
0:59.4	More than one and a half million
1:03.0	credit card applications were created by these
	...

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