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| | Bill Parrett - World Meeting - Deloitte Touche Tohmatsu |
 | | Parrett said, "I am extremely pleased with the results, but not surprised given Deloitte member firms provide services to almost three quarters of the world's largest companies, and audit is about a quarter of them. |
 | | Parrett suggested two immediate regulatory improvements that could be considered. One enhances transparency, requiring companies to state publicly their reasons for changing auditors, and the other is to make it a crime to lie to the auditor. |
 | | Parrett explained that fraud is most dangerous when it is collusive, that is it involves management and people from outside the company working together to scheme and deceive. "When people collude to protect each other it is very difficult for the auditor to find this. |
| www.deloitte.com /dtt/press_release/0,1014,cid=122137&pv=Y,00.html (742 words) |
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