Was Mazars USA facing a peer review?

[nitpicker]

I'm wondering why they suddenly said a decade of compliations should not be relied on.

Compilation, plus stating that the results represent actual financials, is an attestation function subject to peer review.

Perhaps they thought it would be better to take the hit proactively??

[exboyfil]

1. Should have taken it when Trump announced

I have no sympathy for them if it is uncovered that they knew about the fraudulent activity (which I would say is pretty likely otherwise they would be too naive or stupid to handle anything important).

[Thunderbeast]

2. The firewalls in the financial markets are corrupted.

Last edited Wed Feb 16, 2022, 11:20 PM - Edit history (1)

Arthur Anderson, once a premier "Big Eight" accounting firm was executed as a result of it's greed in the ENRON scam. Thousands of investors and utility employees were wiped out because they believed the accountants had integrity.

Moody's and the credit rating firms were SUPPOSED to prevent the mortgage-backed secruities disaster. The fees were just too delicious for them to blow the whistle on the exotic mortgage-backed security derivatives that were sold to trusting investors. It was a structural conflict of interest to have the watchdogs paid by the folks thay are supposed to monitor. Major investment banks died as a result. Many lost their homes in the collapse.

Mazars is like the rest of them. They are paid to put an independent stamp of credibility on the financial profile of their clients. They are the third-pary eyes that are supposed to tell lenders the truth. Donald Trump and Mazars winked at each other. Trump paid them handsomely. Mazars told the world what Trump wanted them to report. It was a pretty cozy relationship that is not unlike the Anderson or Moody's examples.

Even the managers at Deutchebank made a good living pretending that the loans thay underwrote were solid. The Trump Organization was, at its core, a money laundering operation, where accounting standards were not important as long as Russian Mob Rubles could be converted to fungible dollar-denominated assets behind the cloak of shell companies and off-shore accounts.

[OAITW r.2.0]

3. well stated,

Trumpism has corrupted our financial institutions and now they want to do the same to our political firewall.

[FakeNoose]

4. That's the entire story in a nutshell

Well done, my friend! Chump knew how to play the system and everybody covered him.