Digging through the mailbag, I found this little gem:
I'm not surprised broker dealer audits are bad. I used to be on a high profile one and let me tell you I spent so much time to trying to understand the business. At the end of the day, you get a general idea as to the operations BUT almost every time, when you dive into the details, its still a black box. Often times, the details would contradict with the general understanding. This was pervasive all the way up to the partner level. At the end of the day, we just put tickmarks on the stuff we didn't understand and said it agreed to the financial statements with no consideration to risk. Too bad, my methods would've saved the company from being in the news this year in a bad way.