Tuesday, 27 January 2009
Coming Down The Track, Deserved Retribution For Auditors
Over in India heads at Price Waterhouse Coopers are beginning to roll in the fallout from the Satyam outsourcing scandal. Just the beginnings!
It will inevitably turn into law suits and (sadly) loads of money for m'learned friends as aggrieved investors look for some deep pockets to sue, and there in the firing line complete with professional indemnity insurance are the auditors, either complicit or incompetent.
The same will happen here, and very definitely in the land of the legal eagle, America.
How many of the "big" conglomerate Accountancy Firms will survive? God knows what insurance premiums will rise to. Where is Arthur Anderson now? When the dust settles, most of the hard working staff can find new jobs elsewhere or set up on their own - but things may not be so comfortable for the high on the hog partners.
I shall not weep, personally.
Posted by Hacked Off at 19:04