Jan 192010
My latest Forbes column is out. Entitled ‚ÄòPrecious Little Prudence’ it asks ‚ÄòWhen is a debt a bad thing–do accountants really even know?’
As I conclude:
[L]et’s never forget that both the IASB and IAASB are dominated and even significantly financed by the Big 4 firms of accountants and auditors – PricewaterhouseCoopers, Deloitte, KPMG and Ernst & Young.
According to popular myth these firms have had a ‚Äògood recession’ – little blame attaching to them for what has happened. But that’s just a myth, because the truth is they carry a great deal of responsibility for what has gone wrong – and should bear the consequences.
Which is something I firmly believe.
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