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Bad beat/Moaning/Venting thread - BabyforV
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Originally posted by Solskjaer View PostThis too shall pass.
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Originally posted by horatio1 View PostDue to my poor performance in IPB comps , I now have enough people's bank deets for a nice pay day off the Russian mob.
"I've been investigating the trade in personal data among cyber criminals, and have found what appears to be some sensitive personal information which seems to connect with this email account"
Thought it was a hoax but the mobile number / email and Twitter contacts on the email seem to be ligit. Tried ringing him now but got voicemail.
I have only ever communicated about bank deets by pm however I would on occasion have forgotten my password and had a new one for IPB sent to my gmail. The most recent time being last week. I am a little bit worried now.
I have deleted any old pms that had bank details.
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Originally posted by horatio1 View PostThis was obviously a joke but I just logged into my gmail to find a long mail from Geoff White , technology journalist with C4 news saying he has come across some information about which he needs to alert me, followed by;
"I've been investigating the trade in personal data among cyber criminals, and have found what appears to be some sensitive personal information which seems to connect with this email account"
Thought it was a hoax but the mobile number / email and Twitter contacts on the email seem to be ligit. Tried ringing him now but got voicemail.
I have only ever communicated about bank deets by pm however I would on occasion have forgotten my password and had a new one for IPB sent to my gmail. The most recent time being last week. I am a little bit worried now.
I have deleted any old pms that had bank details.
I jest, obviously.
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Originally posted by Dice75 View PostHurry up. Strippers are here.
It's gonna be late when I get there, if at allPeople say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner!
https://revolut.com/referral/jamesb8!G10D21
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Originally posted by coillcam View PostFucking hell! Any context as to why he wasn't cited etc?
Not a clue!
Ireland's Jack McGrath got quite lucky himself last night v the Barbarians to escape a citing, of course, the independent citing officer was Eddie Walsh, not exactly independent!
Originally posted by total formerJust reading there that the citing commissioner last night was our very own Eddie Walsh. Sure if we'd known that, we could all have relaxed, he's not a man to go throwing out citations lightly...
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Just home.
Fuck this gay earthPeople say I should be more humble I hope they understand, they don't listen when you mumble
Get a shiny metal Revolut card! And a free tenner!
https://revolut.com/referral/jamesb8!G10D21
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I really should thank Chadders.
Watching GOT live for the last 2 weeks has been the best.
I have been so drunk on both occasions i get to appreciate them twice, in stereo if you like.
Haven't the best of memory but folks saying to me, that cell scene !! I am lost...watching it now.This too shall pass.
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Originally posted by dobby View PostGFYAFB. Come to Bruxxelles ya light weight"I can’t find anyone who agrees with what I write or think these days, so I guess I must be getting closer to the truth." - Hunter S. Thompson
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Originally posted by Hitchhiker's Guide To... View PostGoing away meal tonight with the family tonight at the hotel. A rather fine collective intake of breath from them when the wife ordered a beer.X can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $
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Originally posted by DeadParrot View PostJust home.
Fuck this gay earth
dobbo, cone to the gypsy roseX can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $
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Originally posted by Solskjaer View Post
googled and foundthey met and talked the morning of the opening"
also she did previouslythat the artist played the Russian game, in which rhythmic knife jabs are aimed between the splayed fingers of one's hand. Each time she cut herself, she would pick up a new knife from the row of twenty she had set up, and record the operation. After cutting herself twenty times, she replayed the tape, listened to the sounds, and tried to repeat the same movements, attempting to replicate the mistakes, merging past and present
watched again and realise that the music is the emotion
ps. I am drunk
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Originally posted by eamonhonda View PostName change to Lord Sir FuckallcraicX can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $
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Originally posted by Solskjaer View PostX can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $
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Great night had. Rum and cokes were reaching dangerous levels so I scarpered. Well played on spin up dice. Now, Foo Fighters, FUCK YEAAAHHH!
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Originally posted by Western_Sean View PostI think the thing is the way audit firms work has changed over the years. It used to be the case that audit firms came to their work with some sense of creating value for the client and performing useful exercises such as testing the underlying quality of the data upon which the accounts were based and the like.
However in recent years its seems to me that focus of the big 4 has changed. There no longer appears to be a goal of creating value for the client or indeed the investors who to greater or lesser degrees rely on the quality of the audit. The focus now for my money is on (a) protecting the partners from any liability and (b)Generating billable hours as economically as possible without impinging on (a).
The consequences of this seem to be
1. The majority of base audit work being performed by audit juniors who have almost no understanding of how large financial concerns actually work - as opposed to the theoretical stuff they were still learning in college a month ago.
2. Partners and audit directors focusing the work performed in (1) on validating the arithmetic performed by the client as opposed to substantiating it.
3 Risk based audits as opposed to data audits - this is a sensible idea except that the majority of the work is still done by the wet behind the ears crew from (1) so they aren't in a position to find anything which might be a moderately concealed / not completely obvious wrong item.
4 The apparent interpretation of risk based audit as referring to the risk of damage to the asset base of the accounting firm partners as opposed to that of the clients shareholders.
For my money the big audit firms have ceased to create value for shareholders or indeed the public at large. Consider for example when is the last time you heard of a large public concern getting a qualified audit or indeed having the auditors refuse to sign the accounts? If this isn't something that ever happens then from an investors point of view what is the point in paying for the audit service?
As for (b) that is just your opinion. I can tell you it's wrong from someone who works in a big 4 but you can take that or leave it.
Your 4 consequences are also horseshit. The basic work is done by juniors, yes. Is it reviewed by more senior staff...yes. And the areas all staff look at are risk based so junior staff do not look at more risky areas. I liked the 'learning in college a month ago' to make your point. Yes we hire people from college. In fact we hire people straight from school. But they always have their work reviewed by more senior staff so your point is null and void as we all had to learn at some point. You are attempting to paint it like a surgeon performing an operation without any supervision, please base your cinsequences in reality rather than your perception of reality.
For consequence 2, audit firms sign an the audit report which sates that the information contained in the financial statements is true and fair in their opinion. The arithmetic being correct means nothing if the basic true and fair premise does not hold up.
Consequence 3, please refer to my response about the 'wet behind the ears' crew.
Number 4, please can we leave your already biased opinion at the door. Either the audit firm performing the audit meets the standards or they don't. It has nothing to do with the asset base of the partners. They would refuse to work on a risky audit rather than just try and generate the revenue. I have recently been involved in a large audit pitch where we walked away because the CEO was dodgy 15 years ago and we felt it was too high risk given the nature of the business he was setting up.
As for 'creating value' I am assuming you don't see the management letters that get sent to the board. Even in well publicised cases, the issues that arose were flagged to management years in advance but from an auditing or accounting standards viewpoint did not warrant an emphasis of matter or qualification. I have used the auditing standards a lot in this response so perhaps it is a change in those rather than audit firms suddenly taking it upon themselves to go above and beyond the required level of testing. But the more work done, the more it costs and for the vast majority of companies this would not add any value at all.
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Originally posted by Raoul Duke III View PostHaving being audited many times, this is 100% true. You can always use the threat of moving audit firm to get dodgy shit (we had some interesting proprietorial 'mark to model' stuff back in the day that essentially said whatever the modeller felt like) through the audit if you really need to but generally the junior staff don't understand and the seniors don't want to know.
Everyone's a winner baby!
The 'move audit firm' I get all the time and couldn't give a fuck to be honest as I still get paid the same. As for creating complex models then I get valuation specialists in to test the model and they tell me if it does what it's meant to. If it doesn't then we qualify or disclaim the opinion.
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Originally posted by Fuzzy Logic View PostSo your point is that you could intentionally be fraudulent and the auditor wouldn't know? This is the premise of audits as we can't test work for fraud where collusion exists.
The 'move audit firm' I get all the time and couldn't give a fuck to be honest as I still get paid the same. As for creating complex models then I get valuation specialists in to test the model and they tell me if it does what it's meant to. If it doesn't then we qualify or disclaim the opinion."We are not Europeans. Those people on the continent are freaks."
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lot of hugs needed in here todayX can be anything, any number, that is what’s CRAZY about X.
Because X doesn’t roll like that, because X can’t be pinned down!
$ Free Travel Credit with Airbnb $
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Originally posted by Fuzzy Logic View Post.....
The reason why big 4 don't qualify accounts has nothing to do with 'protecting' the audit firm. In fact it is the complete opposite DUCY?
Sounds like you have more of an issue with the standards rather than the audit firm to be honest.
Examples like Autonomy, Olympus and Sino Forest spring to mind as cases where an audit report failed to reflect the actual happenings inside organisations. Sino Forest is a particularly good example given that much of the timber it claimed to own did not exist - which one might imagine would be a key risk.
As for (b)[..generating billable hours as economically as possible...] on that is just your opinion. I can tell you it's wrong from someone who works in a big 4 but you can take that or leave it.
On a completely unrelated note the following suggests that fair remuneration standards can be problematic for large global concerns to adhere to.
KPMG in the news 2007
The basic work is done by juniors, yes. Is it reviewed by more senior staff...yes. And the areas all staff look at are risk based so junior staff do not look at more risky areas. I liked the 'learning in college a month ago' to make your point.
This is a key point for me I think and it goes to the heart of why the audit process is failing stakeholders in my view. The problem is that as financial firms become more complex risk becomes more difficult to define, locate and quantify. RDIII's mark to model comment is a good example of this. The value that model generates can most likely vary wildly and very few people will be in a position to contradict the modeller. An auditor is very unlikely to be one of them.
Audit juniors are at the coalface but don't understand what they are looking at a lot of the time. Seniors and partners look at the high level things since they don't have time or resources to do anything else. You could drive Lehman or Anglo through the gap between their respective positions. Which I think addresses your comment on the true and fair view.
To me opinions should only be offered on the basis of sufficient and well understood information. It's unreasonable to expect an auditor to be in that position after a few weeks looking at a complex financial firm - there will be people who have worked there for years who won't be in that position. The point being that the audit opinion is just that an opinion based on quite limited information.
However it is sold to the general public and investors as a useful independent oversight - which in my view it isn't and can't be. This is ultimately why I'm unclear about how the audit adds value for those who ultimately pay for it. Perhaps you have a view on that you feel comfortable sharing? It may be the case that there is a point here I have misunderstood in terms of the objectives of an audit and for whom it is intended to create value.Last edited by Western_Sean; 30-05-15, 14:42.
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Originally posted by Raoul Duke III View PostYoung lad played his first ever organised match today, scored the equaliser. Celebrations worthy of Ronaldo winning a Ballon d'Or.
SPOILERin a thrilling 9-9 draw
Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube.
Have been watching Aston Villa lately. Arsenal are going to cut through them like butter if they have overcome their late season slump as looked in evidence in their last game. 4-1 or some such I imagine.
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