SEC is correct in castigating audit firms; strict action required hereon

IIPM BUSINESS & ECONOMY
When was the last time you heard of a farm watchdog arguing with its farm owner why it aided in allowing the farmer’s sheep to escape? Well, just stop by SEC’s office in F Street, Washington D.C., and you’ll hear a lot of barking all around by umpteen ‘ostensibly intelligent’ accused auditors. Ever since big ticket corporate scandals like Enron and Worldcom have surfaced, those are the corporate leaders who have been the sufferers and (leaving Arthur Andersen) not the auditors. On top of it all, these independent auditors, as the SEC has openly accused them, have simply shirked their responsibility, commenting in general, “It wasn’t in the scope of our work to find out these things...”

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Source : IIPM Editorial, 2006, Editor - Prof. Arindam Chaudhuri

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Rashmi Bansal Publisher of JAMMAG magazine caught red-handed, for details click on the following links.

• Hindustan Times Article - Publisher goes underground
• Rashmi Bansal (Editor of JAMMAG)
• Rashmi Bansal (Publisher of JAMMAG)