Auditing and Your FCM-Hard Hitting Forbes Article

[Qiman 10]

This is a very important article from Forbes to read when you have time, few give enough attention to whom is doing the auditing of the FCMs. One of my sisters, a CPA and MBA, was an internal auditor for a university and the stories I would hear! One of the Big Four accounting firms gives me cause for concern with respect to the futures industry and the safety of segregated accounts:

 

http://blogs.forbes.com/francinemckenna/

[Qiman 10]

Ironic, i just now saw that the Big Four auditing firm that was in charge of auditing MF global is now being added to the lawsuit. Who audits your FCM?

 

MF Global customers sue PricewaterhouseCoopers in amended lawsuit | Reuters

 

The lawsuit, which is seeking class action status, contends that PwC failed to examine MF Global's controls over customer funds. This amounted to professional malpractice and a breach of the auditors duties to the company and customers, the lawsuit said.

 

"If PwC had properly executed its duties and evaluated and reported on MF Global''s control problems in March 2011, there would have been ample time for management to institute proper controls over customer funds," the complaint said.

[SIUYA 11]

thanks....I have always blamed the accountants for the worlds woes!

Trickery and deceit, both f the customers, the government and analysts

 

.....its my conspiracy theory and i am sticking with it -- plus i know from seeing some very ordinary fund accounting and auditing how useless half these things are.