Thoughts
Mar 30, 2023We are excited to announce the release of Renal Failure, the third in our Deeper Dive series of reports. Just as the kidneys flush out toxins in the human body, the accounting profession, and audit firms specifically, are responsible for catching and removing inaccurate or inappropriate data from financial statements. When either fails, the results can be catastrophic.
Observations
Feb 09, 2023A recent study on corporate crime suggests accounting fraud may be endemic among US public companies. The researchers — Alexander Dyck (University of Toronto), Adair Morse (University of California, Berkeley), and Luigi Zingales (University of Chicago) — estimate that 41% of public companies materially misstate their financial accounts, and at least 10% engage in securities fraud.
