Last Post: 7:15:00pm, 10/19/2011
Lack of independence (see Andersen / Enron)
And perhaps I should caveat my statement because Andersen didn't commit outright fraud... but they also failed act with skepticism and ask the hard questions of Enron because they were afraid of losing their lucrative consulting fees (which exceeded their annual audit fees at Enron by ~3x).
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If the track is tough and the hill is rough, THINKING you can just ain’t enough!