Quote:
Originally Posted by jrref
Just because they made an error with this one individual of type of income doesn't mean everything else they do is bad. I check every year and all my data is 100% correct. I never had a problem with Fidelity. Top notch company in my opinion. It will be interesting to find out what caused the error. Was the income transmitted to them incorrect even though the statements to the client were correct?
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Being in IT with database programming and finance with financial reporting and analysis for 30 years, I see more discrepancies in data that one would expect. . . flat out does not tie out errors. And its easy to happen with the amount of programming required to perform to the IRS standards at times. And there is always a first time for errors, so past history never guarantees future success. And if there was, such famous bankruptcies with audited statements should never have happened, correct?
at my current company, there are millions in accounting adjustments in revenue after the reported revenue to the street, by the auditors. A friend of mine was a very high level controller at GE, and he would tell me how they would correct accounting errors if they weren't in the company's best interest, but if the error showed more favorable, nothing would be corrected. . . and yes, the revenue at GE was cooked as two different friends of mine inside the company related to me.
finance guy, who checks on the accounting guys to be sure they are correct.