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There should never be a company that runs for an extended period of time without proper financial audits. It is THE job of regulators to ensure appropriate audits. NMC Health IPO'd on 2012 and the fraud was found in 2019. Muddy Waters a private research firm was able to discover the fraud which puts into question the regulators here. One can't just simply push responsibility of audits on the "reward - risk" line to ordinary folk.


Which regulator’s job do you think it is to audit all public companies every X years, and based on what laws?

There are rules around audits, and it’s illegal to do specific things in the US. But enforcement is reactive not proactive.




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