Every year, auditors for the City Comptroller find that he inflates his costs, and they have to scale them back, typically by 15percentt.
"Yéle's books are open and transparent," he said, "and we have been given a clean bill of health by an external auditor every year since we started".
The board has since responded vigorously, firing every attorney and auditor, even those who the board said were as much victims of the fraud as the district.
The bill, endorsed by Paul Volcker, the former Federal Reserve Board chairman who tried to rescue Arthur Andersen earlier this year, would also require the rotation of a company's main auditor every five years and would curb individual accountants' ability to get hired away by clients they are auditing.
"Yele's books are open and transparent, and we have a clean bill of health by an external auditor every year since we started". Meanwhile, nonprofit experts weighed in, saying Jean's charity is not guilty of major wrongdoing, reports CNNMoney.com.com
"We have a city council meeting with our auditor every quarter and go over finances in detail.
Absolutely not....Yele's books are open and transparent and we have been given a clean bill of health by an external auditor every year since we started".
These committees would appoint the audit firm, and to prevent the relationship's becoming too cozy, companies would have to rotate their chief auditor once every five years if it has more than one firm working for it, or once every seven years if there is only one auditor, the commission said in a statement.
Today, there is one auditor for every $2.03 billion in contracts.
In 1998, there was one financial auditor for every $642 million in Pentagon contracts.
