Saturday, March 14, 2009
"Ineffective internal controls at Merrill Lynch caused the firm to understate its 2008 losses by more than $500m, the investment bank said yesterday in its annual report. ... Auditor Deloitte & Touche concluded that Merrill had 'not maintained effective control over financial reporting' as of the end of 2008", Greg Farrell at the FT, 25 February 2009.
What's new? Why didn't Deloitte, which got paid $57 million in 2007 find this before? What's really going on here?