Michael MacPhail Shares Comments on False Audit Inspection Results With Bloomberg Tax

In a recent Bloomberg Tax article, Michael MacPhail discusses the recent dismissal of criminal convictions related to a scheme by a professional firm to falsely inflate its inspection results, despite the tarnished reputation and consequences faced by the firm and individuals involved.

Despite the collapse of the criminal case, the legacy of the scandal underscores the importance of maintaining integrity in auditing, leading to reforms within both the firm and regulatory bodies like the Public Company Accounting Oversight Board to prevent similar abuses in the future.

“The entire regulatory system is threatened by this kind of behavior and so they threw the book at these people,” said MacPhail when discussing the consequences for those involved.

The full article is available to Bloomberg subscribers.