March 18, 2009

Sino ang pumirma?

Sa kaguluhang dulot ng iskandalo sa Legacy Group of Companies ni Celso delos Angeles, may isang tanong na hindi nababanggit. Sino ang mga CPA na nag-audit ng financial statements ng mga kumpanya ni delos Angeles at nagbigay ng opinyon na ito ay hindi materially misstated? Sa laki ng mga lumalabas na maanomalyang transaksyon na diumano'y pinasok ng Legacy, nakakapagtaka na hindi man lang ito nakita ng mga auditor. Ganun na ba kahina ang mga auditor sa Pilipinas? O ganun sila kadaling bayaran?

4 comments:

Gelai said...

ang lupet nila sir kung di man lang madadawit mga pangalan nila...

Katapat pala namin ung office nila, dami tao kahapon.. ^^

number cruncher said...

In theory, the primary purpose of an external auditor's opinion is for the peace of mind of shareholders and possibly creditors, which says that the results presented by management are fairly stated.

Now in our culture where shareholders, creditors, management, and regulators enjoy an incestuous relationship, I doubt there's any incentive to go beyond the letter of the law (ika nga, sabi ni boss dapat ganito). If the owner/manager tells the lowly auditor that regardless of the findings he wants a clean opinion and the auditor won't be paid otherwise, all the reams of findings won't matter; the auditor would think that since the owner and management is one and the same, it won't matter anyway.

Unfortunately, it's us who have our taxes being automatically deducted get royally screwed, by subsidizing their losses through government insurances.

Paeng said...

Nakow, paano na iyan? Ganyan din yata nangyari kay Bernie Madoff at Ernst and Young? Hahaha

Oy, Gelai. Pictures naman diyan. :p

reyna elena said...

agree ako dun sa sinabi ni number cruncher. kontador publiko din ako and i worked with one of the biggest accounting firms in makati then.

question becomes, eh sino ang nag-chi-check nang mga FS sa SEC? i bet you, so many reasons why they don't even look at those. or pag tiningnan, pinapalagpas given na me mga bayaran nga.

i would not be suprised na pati yong mga FS nang legacy ahhh... what's the right word??

saw your question on my akbayan mails. that was very good.