janakalin
Joined 3 years ago
Karma
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Comment · 3 years ago
Comment · 3 years ago
FTX was also audited by a top firm, Armanino!Changed nothing...
In the article says: Following the collapse of FTX, Paul MacIntosh, EY’s US financial services crypto co-leader, said on LinkedIn that proof of reserves reports do not assess companies’ internal controls, “which ultimately was the downfall of FTX”.
Comment · 3 years ago
To conduct my research, I spoke with over 30 founders who are my friends were active or previous seniors from companies like Google, Revolut, and SVB. Others were founders of tech companies that had passed the seed or series A stages. Then we gathered for a three hour supper roundtable to discuss my findings and the experiences of others. I was amazed to discover that trust was the most sought-after quality. It also became apparent that there is very little discussion about the possibility of being solo founders - did Jeff Bezos even need one?
That's why I should have gone with "one of the top 25" firms. Nonetheless, "a top firm" is still applicable here, not "the top firm".
Their own website touts their spot in the top 25, and Accounting Today's 2021 revenue ranking further confirms this by placing them at number 21. While Mazars are 26th on the same list. (https://www.accountingtoday.com/the-2021-top-100-firms-data)
Evidently, this firm have audited billions and supposedly assured investors! But also I am more concerned about the lost savings of innocent people! Like Ontario Teachers', Canadian pension funds!