How Third-Party Auditors Make Oil Industry Fraud Possible
Yves here. As the financial press has been dazzled by Three Card Montes like crypto and NFTs and SPACs, garden variety frauds like asset overstatements chug along. As this post explains, they can be quite significant for oil company reserves. The interesting wrinkle is that accountants like KPMG who are all too willing to sign off on too obviously pumped up numbers are being hit with charges and fines.
By Justin Mikulka, a freelance investigative journalist. Justin has a degree in Civil and Environmental…
