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  • italiansilk01 italiansilk01 Feb 26, 2007 10:24 AM Flag

    KPMG, being both judge and jury?

    Do you realize how many former accounting firm employees take high level jobs in public companies that are then audited by their former firms? It is alot. The former employees retain know financial interest in the acounting firms so there is no conflict of interest. If the large accounting firms were barred from serving clients who hire former employees they would go out of business.

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    • Its all legal but when you are dealing with a new kid in the block, you verify with extra scrutiny. The temptation is there always to make things look good.If you read carefully the annual report, the past and projected numbers do not add up.
      HIFU business has been going down hill for quite a while! GE is slowly getting out of the picture. CMED is selling ECLIA analyzer but not kits brcause hospitals are buying from other vendors. Its all in their annual report! Kits are the real money maker! If the trend continues, CMED will have real trouble in short time! FISH is so far away that nobody knows how the integration will go.
      GOOD LUCK!

      • 1 Reply to madmonsoon2000
      • The entire nature of the public accounting field is subject to the "temptation" to make things look good. After all the accounting firms are being paid by the same people that they are auditing. The core foundation of the public accounting industry is built on independence. It is central to the public accounting function. Former employees working for a company being audited is nothing new nor does it necessarily impare the independence of the auditing firm.
        As far as your other issue regarding past and projected numbers if you care to provide specifics I would be interested in looking it over.