After having read a number of school board “audits”, and read about Enron etc, and looked beyond that to other instances, it’s clear that audits are generally worthless as a rule. The auditors are shown what they are shown and not allowed to color outside the lines.
Find a discrepancy and every damn time the auditors will say “oh, that information was not provided to us”.
It’s like if you hired a judge for your own prosecution. What judge is going to find you guilty?
On the other hand, an audit that makes your customer look good to their customers is great for repeat business. The trick is checking for things that people actually care about, rather than box-checking activities.
Find a discrepancy and every damn time the auditors will say “oh, that information was not provided to us”.
It’s like if you hired a judge for your own prosecution. What judge is going to find you guilty?
See also ratings agencies in 2008.