In a New York Times article titled, “Corruption in FIFA? Its Auditors Saw None,” reporter quotes Dr. Epstein:
“It’s legitimate to raise questions about the effectiveness of the audits, given that the risks were already widely rumored,” said Barry Jay Epstein, a financial-reporting expert and certified public accountant who is a principal in Epstein & Nach, a consulting firm based in Chicago that specializes in forensic accounting. Mr. Epstein, who wrote a widely used professional handbook on accounting and auditing, added that if the Justice Department’s accusations of $150 million in bribes and kickbacks related to World Cup bidding and other soccer events “turn out to be founded, then analytically, something should have shown up” in KPMG’s audits “that would have required deeper investigation.”
“You’re looking for the tip of the iceberg in an audit,” Mr. Epstein said, adding that in KPMG’s work for FIFA, “the tip should have gotten the auditor’s attention sometime over the years.”
Click on the link to read the full story, “Corruption in FIFA? Its Auditors Saw None.”