Weiss Details Audit Firm Foulups
NU Online News Service, July 15, 3:33 p.m. EST?Auditing firms, besides failing to warn of accounting irregularities, have given clean audit opinions to 42 percent of the public companies that ended up filing for bankruptcy, a study released by Weiss Ratings Inc. found.
In their report titled, "The Worsening Crisis of Confidence on Wall Street: The Role of Auditing Firms," the Palm Beach Gardens, Fla.-based rating agency reported that auditing firms gave a clean bill of health to 94 percent of the public companies that were subsequently cited for accounting irregularities.
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