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Thug_shinji t1_ixzrbqf wrote

Imagine trusting any audit opinions from any of these organizations.

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NauticalJeans t1_iy03l1n wrote

As someone who used to work in EY audit, the level of compliance and standards these days (after SOX) are pretty damn high. Every opinion has to filter through all levels of the firm (staff to partner) before it is signed off, and peer reviews are regular. It’s a pretty are tight system these days. I’m sure corruption still happens, but I never saw it, and the standards are high.

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manbehindthespraytan t1_iy0bxwk wrote

Hiding the corruption is the only job the CEO has. Seems like they are doing their "job", too.

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Asterbuster t1_iy048wd wrote

What a dumb take. There is a reason companies pay $$$ to get audit opinion from trusted companies instead of smaller ones.

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HammerTh_1701 t1_ixzw43z wrote

It's not like there are any other actually relevant auditing firms. That's exactly the point of the term "the big four". It's either these or nothing.

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Thug_shinji t1_ixzx1pt wrote

How are you defining relevant? PWC gave evergrande a clean bill of health to help them secure more loans for gods sake. They are peak irrelevance.

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clydeav t1_iy08smi wrote

https://www.reddit.com/r/Accounting/comments/xrc60a/deloitte_china_allowed_clients_to_do_own_audit/

Not just PWC. To my understanding Big 4 in China is more like licensing out of brand name than actual Big 4. The regulatory environment there is entirely different and there are scandals left and right. It is not really fair to compare B4 China to the arms elsewhere which typically at least try to provide quality work. Whether or not they do is a different argument but audits in China are pretty much meaningless due to corruption.

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