Comments on: IS THERE SOMETHING WRONG WITH AUDITING THE FED? http://pragcap.com/is-there-something-wrong-with-auditing-the-fed Fri, 25 May 2012 19:36:46 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: confused http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8605 confused Mon, 09 Nov 2009 11:56:40 +0000 http://pragcap.com/?p=12230#comment-8605 I would have to agree with you. The funny part is, most, if not all, auditors that do the majority of the substantive testing are young 20-somethings who don't have the slightest clue because the firm doesn't really take the time to develop those skill sets. Unfortunate. And the GAO certainly couldn't get it right if they tried. I would have to agree with you. The funny part is, most, if not all, auditors that do the majority of the substantive testing are young 20-somethings who don’t have the slightest clue because the firm doesn’t really take the time to develop those skill sets. Unfortunate.

And the GAO certainly couldn’t get it right if they tried.

]]> By: Jr Deputy Accountant http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8544 Jr Deputy Accountant Fri, 06 Nov 2009 17:12:08 +0000 http://pragcap.com/?p=12230#comment-8544 So who will perform this audit? That's my biggest question and to date no one has been able to answer that for me. Deloitte? PwC? LOL! That's precious. You can't just send in a team of auditors to dissect the Fed's balance sheet, that's not how it works. I can't imagine that the Fed engages in such sloppy accounting that auditors could even go in there in Hazmat suits and find a single bloody glove - surely they know better and surely they know the heat is on. So who will perform this audit? That’s my biggest question and to date no one has been able to answer that for me. Deloitte? PwC? LOL! That’s precious.

You can’t just send in a team of auditors to dissect the Fed’s balance sheet, that’s not how it works.

I can’t imagine that the Fed engages in such sloppy accounting that auditors could even go in there in Hazmat suits and find a single bloody glove – surely they know better and surely they know the heat is on.

]]> By: James http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8508 James Fri, 06 Nov 2009 06:13:00 +0000 http://pragcap.com/?p=12230#comment-8508 What do you expect? Do you really think community organizers, lawyers and bored home makers/trust fund babies really know or care what happens behind the marble doors of the Fed? What do you expect? Do you really think community organizers, lawyers and bored home makers/trust fund babies really know or care what happens behind the marble doors of the Fed?

]]> By: TPC http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8507 TPC Fri, 06 Nov 2009 05:47:10 +0000 http://pragcap.com/?p=12230#comment-8507 Amen. Amen.

]]> By: TPC http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8506 TPC Fri, 06 Nov 2009 05:46:34 +0000 http://pragcap.com/?p=12230#comment-8506 You make it sound like things are the way they are and therefore they will never change. That's the ultimate defeatist attitude. An empire only becomes weak when the establishment goes unchallenged. If absolutely nothing were going to come of an audit then why is the Fed fighting tooth and nail to destroy this audit? If they have nothing to hide then just let it happen. And if nothing comes of it then fine. It's one more chink in the armor of this horrible banking based system that has come to corrupt the system. Piece by piece the public is growing more and more aware of what and who is corrupting capitalism. An audit might not accomplish much, but it's a good start. You make it sound like things are the way they are and therefore they will never change. That’s the ultimate defeatist attitude. An empire only becomes weak when the establishment goes unchallenged.

If absolutely nothing were going to come of an audit then why is the Fed fighting tooth and nail to destroy this audit? If they have nothing to hide then just let it happen. And if nothing comes of it then fine. It’s one more chink in the armor of this horrible banking based system that has come to corrupt the system. Piece by piece the public is growing more and more aware of what and who is corrupting capitalism. An audit might not accomplish much, but it’s a good start.

]]> By: Brian http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8504 Brian Fri, 06 Nov 2009 05:38:44 +0000 http://pragcap.com/?p=12230#comment-8504 "they have had time to bury the bodies" Great, pass legilsation that makes themn worry abut burrying the bodies. That's one more thing they would have to plan for and one more potential thing to F-up and one more potential layer of exposure. It may not be much but it's simply one more step in the right direction. “they have had time to bury the bodies”

Great, pass legilsation that makes themn worry abut burrying the bodies. That’s one more thing they would have to plan for and one more potential thing to F-up and one more potential layer of exposure. It may not be much but it’s simply one more step in the right direction.

]]> By: Jr Deputy Accountant http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8503 Jr Deputy Accountant Fri, 06 Nov 2009 05:18:07 +0000 http://pragcap.com/?p=12230#comment-8503 I wrote that Going Concern post above and PragCap I thought you read me, I've done this a million times. Maybe I am taking "Fed audit" too literally but it was always a stupid idea. The Fed has its own accounting manual. Who would perform this audit? KPMG? They audit Citigroup and THEY pass every year. All regional banks are audited every year. Apparently so is the Board, I don't know about that part. I read the statements. http://www.jrdeputyaccountant.com/2009/07/you-want-to-audit-fed-but-why.html http://www.google.com/url?sa=t&source=web&ct=res&cd=5&ved=0CBYQFjAE&url=http%3A%2F%2Fwww.mixx.com%2Fstories%2F8762476%2Fjr_deputy_accountant_fed_economic_rocket_scientists_on_auditing_the_fed_liquidity_crises&ei=IrHzSuCCOIGesgPmjMUT&usg=AFQjCNFiZW98sx2js9vw9WStkwBYMH-oLg&sig2=fOZ322lYEY8-lQkUnrXPtw I have more. My point has always been that they have had time to bury the bodies. "an audit"? that's funny. FT Alphaville also picked it up: http://ftalphaville.ft.com/blog/2009/09/30/74716/further-reading-368/ bwhahahahaha LOL we can do better. I wrote that Going Concern post above and PragCap I thought you read me, I’ve done this a million times.

Maybe I am taking “Fed audit” too literally but it was always a stupid idea. The Fed has its own accounting manual. Who would perform this audit? KPMG? They audit Citigroup and THEY pass every year.

All regional banks are audited every year. Apparently so is the Board, I don’t know about that part. I read the statements.

http://www.jrdeputyaccountant.com/2009/07/you-want-to-audit-fed-but-why.html

http://www.google.com/url?sa=t&source=web&ct=res&cd=5&ved=0CBYQFjAE&url=http%3A%2F%2Fwww.mixx.com%2Fstories%2F8762476%2Fjr_deputy_accountant_fed_economic_rocket_scientists_on_auditing_the_fed_liquidity_crises&ei=IrHzSuCCOIGesgPmjMUT&usg=AFQjCNFiZW98sx2js9vw9WStkwBYMH-oLg&sig2=fOZ322lYEY8-lQkUnrXPtw

I have more.

My point has always been that they have had time to bury the bodies. “an audit”? that’s funny.

FT Alphaville also picked it up: http://ftalphaville.ft.com/blog/2009/09/30/74716/further-reading-368/

bwhahahahaha LOL

we can do better.

]]> By: Kyle http://pragcap.com/is-there-something-wrong-with-auditing-the-fed/comment-page-1#comment-8502 Kyle Fri, 06 Nov 2009 04:59:11 +0000 http://pragcap.com/?p=12230#comment-8502 GoingConcern had a good post on this the other day. http://www.jrdeputyaccountant.com/2009/10/via-going-concern-auditing-fed-good.html <blockquote> GoingConcern had a good post on this the other day. http://www.jrdeputyaccountant.com/2009/10/via-going-concern-auditing-fed-good.html

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