Big Auditors Behave Like Killer Robots

This world is not very good at regulating, limiting, banning and punishing the very big things that are slowly killing us. It is time for change…

There are many sci-fi films today where we see robots routinely attacking human beings in a systematic manner. It takes a hero to stop them, or not…

The huge social media companies are propagating false news and lies with impunity. They are enabling corrupt politicians and other leaders to incite others to violence. It is time for change…

Big fossil fuel companies, car manufacturers, airlines, coal and steel producers are pumping greenhouse gases into our atmosphere – and they only pay lip service to Climate Change measures. It is time for change…

Automated weapons and robot weapons are already plentiful and the Americans, Russians, Chinese and probably the Europeans are busy planning and delivering many more.

Drones are spying on us and dropping bombs and firing missiles at their “supposed” enemies. how many innocents needs to die? It is time for change…

Even though they are controlled by human beings, or that’s what some government say, how long will it take for them to be fully automated killing machines. It is time for change…

Big governments and big companies are making these terrible innovations and there is nothing we can do to stop them.

In the same manner the big auditing firms, there are four or five big ones, that have a virtual monopoly on auditing big companies and banks. They audit everything from financial statements to IT systems and security.

They cover almost every aspect of corporate activity and they are paid very well, so we would be correct to assume that corporate activity is well-managed and safe because these activities are supervised properly by highly paid professionals.

Just 12 years ago the whole financial industry caused massive financial losses to almost everybody else, because of bad banking activities in the banking sector. The auditing companies failed in their duty of care even when there were plenty of warning reports in the media. It is time for change…

Now we have the same financial scandals coming up again when Wirecard, the German payment group, was found to have some $2 billion missing from its accounts. According to press reports their auditors EY did not perform the very basic inspection of Wirecard’s bank accounts in Singapore for a period of 3 years. There were many reports in the media about possible fraud involving this company during the past two years and yet no financial regulator in Germany or elsewhere took the trouble to delve deeper into the company’s activities.

More money has been stolen from banks and credit cards in recent years by hackers than all of money stolen by the old-fashioned bank robbers put together. You can guess that ordinary consumers are paying these costs that are passed on to customers.  EY managed to receive €10 million for their services over a few years when they unconditionally audited the accounts of Wirecard. Banking scandals are still going on at a fast pace – money laundering on a huge scale has been missed by almost all of the auditors! It is more than amazing – it defies belief… it is time for change.

So far none of these companies has been fined or stopped from operating. They all appear to have excellent lobbying powers. Just like the weapon manufacturers, SOME companies, fossil fuel beneficiaries – all of them cannot be stopped and that is not a good thing.

It is time for change…

Photo: Wirecard 

 

 

 

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