Callinan Royalties Corporation CCNMF

THE AUDITORS HBM CONCERNED???

[bobcat16]

FORBES: NY fraud case against Ernst & Young puts Feds in a bind, Francine McKenna, Accounting Watchdog
 
Ignoring  TRANSPARENCY rules, or acquiescing in a client's scheme to shroud its affairs, could unleash the "Law of unintended consequences" on the auditor.  Arthur Anderson is out of business because of its complicity in the ENRON collapse: Lack of transparancy.  Ernst & Young is now being sued because of its alleged role in the Lehman debacle:  Transparency.   Callinan is suing HudBay over the issue of lack of transparency.  To what extent is Deloitte & Touche implicated?  The books are now finally open for the Callinan auditors to conduct their forensic audit.  I suspect that an out-of-court resolution of the dispute will occur sooner rather than later. The "law of unintended consequences" can be brutal for auditing firms; just ask Arthur Anderson.