It turns out that Con Edison wildly underestimated the scope and scale of financial losses suffered as the result of ludicrously inadequate internal accounting controls.

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Designing internal controls and accounting strategies, approving journal entries, and giving final signoff on technical accounting treatments is a clear breach of independence for an external auditor.

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However, we can provide no assurance at this time that management will be able to report that our internal control over financial reporting is effective as of December 31, 2012, or that our registered public accounting firm will be able to attest that such internal controls are effective.

FORBES: Connect