The bank simply certifies the accuracy and the completeness of the information submitted to the auditor and the auditor includes it in his financial report with the following gargantuan caveat: Because of the significance of the information that we did not audit, we are unable to, and do not, express an opinion on the accompanying financial statements and schedule taken as a whole (emphasis added).

FORBES: Pension Red Alert: 70% Of Pensions Are Never Audited

Then, there is the emphasis the commission is now placing on the so-called structural budget deficit, a measure designed to express the underlying strength or weakness of the budget that irons out the impact of swings in growth.

WSJ: In Small, Measured Steps, Europe Loosens Austerity