If you are an accountant then you must have a severe case of selective memory. The accounting profession has been at the centre of the biggest corporate collapses in history. I guess Enron has slipped your mind. That was a nice display of unethical accounting and auditing practices. What about the GFC? It was caused in part by ineffective accounting standards for complex financial instruments. How about the collapse of ABC Learning? That was a lovely display of unethical accounting where the accounts of ABC Learning were altered to add millions of dollars of revenue that did not exist in an attempt to keep the company afloat. I think they call that fraud. I can go on and on with other examples as there are hundreds of them. The accounting profession has a credibility problem which is why it has suffered an increase in government legislation. So strutting around like you belong to a morally superior, ethically pure profession is delusional. But i suspect that you are not an accountant. Rather you are a paid union troll masquerading as an accountant in an attempt to give a level of credibility to your BS comments. Maybe you can answer these questions. As a result of major collapses such as Enron legislation was changed so that the board of listed companies had to have a majority of independent directors. This was implemented to protect the shareholders by deterring management and accountants from engaging in unethical conduct that destroyed shareholder value. So why is it that Industry Super Funds do not have any independent directors on there boards let alone a majority of independent directors. How do the members know that these union run funds are acting in their best interest? They won't let independent research houses into their funds to analyse the investment managers. Are we just supposed to trust them. Also what is the education requirements for a person to be a director on the board of an Industry Super Fund? I believe there is no education requirement whatsoever. Why don't you attack the obvious deficiencies in industry super funds.
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