On Mon, Nov 22, 2010 at 5:42 PM, WJhonson@aol.com wrote:
In a message dated 11/22/2010 2:10:05 PM Pacific Standard Time, wikipedia@frontier.com writes:
They aren't - as a member of the audit committee, I have full confidence that the Wikimedia Foundation's tax reports are using the appropriate categories for expenses.
So auditing is now about confidence ? Something seems wrong with an audit committee who is trusting who they are auditing. Isn't the very point of auditing, to not have trust and blind faith?
I think you misunderstood his point, even though it did not seem unclear. It's perfectly reasonable for someone to have confidence in their own work, which in this case is the work of the audit committee to determine the completeness, accuracy and legal sufficiency of financial reporting.
Nathan