The Big 4 – Accounting companies under analysis|DW Documentary
https://www.youtu be.com/watch?v=C_0XEIFGK5o
The Wirecard scandal brought the function of huge auditing companies into focus. Their work is expected to develop rely on business. However are looks misleading? EY, PwC, KPMG and Deloitte: these “Big 4” auditing companies are barely home names. Yet they play a crucial function in the international economy. They have actually likewise all been at the center of a variety of significant monetary scandals. For 10 years, auditors at EY (Ernst & Young) licensed Wirecard’s yearly monetary declarations. They stopped working to reveal that a network of scammers were utilizing accounting techniques to compose billions into Wirecard’s books over a number of years. Numerous Wirecard workers lost their tasks, and countless financiers lost an overall of EUR4.5 billion. Why didn’t the auditors acknowledge the scams? Were they irresponsible, overextended? The Big 4 control the international audit market, and their huge understanding of business- and tax-law making them essential. Due to the fact that development chances in auditing have actually mainly been tired, the Big 4 use a raft of speaking with services, not just to the business they investigate however likewise to federal governments. Have the Big 4 end up being too effective– level of control? This documentary checks out the function auditors played in the Wirecard scandal, examines prospective dispute of interest within the Big 4, and clarifies the business’ function within a complicated web of political and financial reliances. #documentary #dwdocumentary ______ DW Documentary offers you understanding beyond the headings. Enjoy leading documentaries from German broadcasters and worldwide production business. Meet interesting individuals, travel to far-off lands, get an appearance behind the intricacies of every day life and construct a much deeper understanding of existing affairs and international occasions. Subscribe and check out the world around you with DW Documentary. Register for: ⮞ DW Documentary (English): https://www.youtube.com/dwdocumentary ⮞ DW Documental (Spanish): https://www.youtube.com/dwdocumental ⮞ DW Documentary وثائقية دي دبليو (Arabic): https://www.youtube.com/dwdocarabia ⮞ DW Doku (German): https://www.youtube.com/dwdoku ⮞ DW Documentary हिन्दी (Hindi): https://www.youtube.com/dwdochindi For more go to: http://www.dw.com/en/tv/docfilm/s-3610 Follow DW Documentary on Instagram: https://www.instagram.com/dwdocumentary/ Follow DW Documental on Facebook: https://www.facebook.com/dwdocumental We kindly ask audiences to check out and stay with the DW netiquette policy on our channel: https://p.dw.com/p/MF1G
Investment is your only way up to financial freedom. financial growth happens with a steady engagement in financial stability through solid investment.
The whole system is rigged against the ordinary person.
I have no firm basis on my opinion though I always find EY is most problematic auditor of all four.
Great true story-book title-“Cowboy Mafia “
666k views …
What would need to happen? Mauro Botta, the former PWC US employee responded clearly! Auditing MUST be done by the government, end of discussion. And then us to judge the corruption or transparency. Would you judge PWC or Deloitte? NO. they wouldn’t even answer your phone.
The soundtrack is from the movie Contagion lmao
Who cares? Row row row your boat gently down the stream, merrily merrily merrily life is just a dream,if suddenly you want to scream, just do it and remember it’s still a dream.
I’m not a risk taker, but I don’t know how to diversify my portfolio. Speechless. Auditors are not there to catch fraud. Fraud examiners are. Geez.
I think we need a complete overhaul with regards to the regulations.
These services are very expensive and they are required by the government. Since these professionals are working in the best interest of the public, the public needs to chip in. This will reduce pressure from the corporations in influencing the results of an Audit given that they wouldn’t be paying for the whole thing.
I believe that some of the corporations should not choose their own auditors. Some of these huge corporations need to be assigned an auditor by the government in order to reduce the conflict of interest and increase independence. Right now the auditor has to keep the client happy so they don’t lose the client and at the same time being the get keeper 🤷♂️ I mean.
The auditor cannot be 100% independent and objective if one of their interest is to ensure that they do not lose a client. Period.
Remove that pressure of making the client happy and see how objective they become. Everything will be unearthed.
Hey! Thanks DW for making this documentary! amazing how the Indonesian subtitle helps to understand the whole documentary! I see what you did there 😉 Best Regards from Indonesia!
If you really want auditors to be 100% independent and objective, use the tax money pay them auditors to do a thorough audit of these cooperations without worrying about losing their clients. If you don’t do that then you are going to spend 100 times more tax money to bail out corporations and banks due to misconduct.
It’s really sad this excellent documentary has only 4.2milliom views..Says a lot why we are in this situation globally
Just started a job as an auditor in one of Big 4 and I got recommended this video 😬
they are so corrupt theres no way anyone trusts those after 2008