7:45 p.m., June 29
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- Encanto Gas Holder
For In-coming SEDC president: Having your interview printed in the paper may not be a good thing...
In the San Diego Union-Tribune this morning, excerpts from an interview with outgoing Southeastern Economic Development Corporation (SEDC) president Carolyn Smith left me with a lot more questions than answers.
The story on the interview excerpts: http://www.signonsandiego.com/news/metro/sedc/20080812-9999-1m12sedc.html
The entire interview is allegedly accessible from the above web page. I didn't check it myself, as I could only stomach the printed excerpts before running for an old copy of Pyle and Larson's Fundamental Accounting Principles for what it has to say on page 5 about AUDITING...
"The principle service offered by a public accountant is auditing. ... The purpose of an audit is to lend credibility to a company's financial statements. In making the audit, the auditor carefully examines the company's statements and the accounting records from which they were prepared. ..."
I'm sorry, but according to Pyle and Larson's definition of auditing, there is no evidence that at any time during Ms. Smith's 15-year SEDC presidency, there was an actual audit ever performed on the SEDC books... or all of that allegedly-audited fiduciary funny-business would have come to light fifteen years ago.
There is no word on whether the pseudo-auditor over the last fifteen years at SEDC was the same pseudo-auditor back when Reese A. Jarrett was president of SEDC.
More like this:
- Recent SEDC Audit to City Raises More Questions than Answers — Sept. 18, 2008
- Fraud, CCDC, SEDC, and the not-so-controlling parent CSDRA (AKA San Diego City Council) — Sept. 12, 2008
- Slippery SEDC bonus requests underneath City Council radar — Sept. 6, 2008
- Analysis: SEDC president's desire for lack of accountability — Aug. 31, 2008
- SEDC Saga Continues: ex-presidents and opening moves — Aug. 22, 2008