Finance Department Bridgewater NJ

That's due to the fact that the Tax and Treasury departments are ran by highly competent professionals.

 

Do you really think any of those three reviewed all entries booked globally? I'm confident none of them never saw an actually entry and were only focusing on whether the results were in line with what was expected.

GT was the cause of this. Snake oil salesman that convinced the right people he had the new way of doing things. He promised, he "delivered", he made the numbers right. The amount of detail you'd have to dive in to verify something like those numbers is far more than the three you mentioned would ever spend. But the reality is the ones asleep at the wheel were the auditors here. That's what their job is.

GT's team reports results. Finance receives the data and records it. Management sees from a high level that the results are in line with expectations.

Then auditors review the steps along the way. That's where this should have been caught. Internal Audit or even External Audit should have reviewed those numbers from GT and approved them. How it got past them both remains a mystery since I'm pretty sure you can't file without auditor review.

If you file your taxes with a bad w-2 and the IRS comes knocking, you'll turn back and blame the company that provided it. Even the IRS would back you up for reporting the information you received from your source and blame the company. That's the same deal here.

Unless you somehow think that you have the ability to argue against a random line on your medicare withholding because you "somehow" know it's wrong despite having no access to the underlying information. In which case you definitely need to become an auditor because you must have psychic abilities to pull that off.

TL;DR: People with no information spout a lot of BS when they know nothing...

 

Incompetent people breeds incompetence.

 

Yeah, the most competent professionals at Valeant are still way below successful companies' marginal employees. The company is done, hopefully those with any sense of decency will leave this dumpster fire before the government closes it's door.

 

Regardless, things are still getting done, ain't they? Even if you question their leadership abilities, they hardly paying any taxes and still able to pay off the mountain of interest and annual principal payments. Nobody has left Tax in the past five years, while the Treasury team has turned completely over and are still getting things done.

 

we dont pay taxes bc we don't have any income, not bc of any genius going around

 

That's due to the large write-offs or amortization expense. However, we do have a pretty good tax structure, since we're not an American company and have built a nice tax dodge. There's still a lot of cash that aren't easily repatriated and a complex corporate structure, which causes headaches for our tax group.

 

Its pretty unimaginable that valeant has been able to put together the most unethical toxic incompetent group of people in one building in crappy bridge water. Imagine them working together on projects, it sounds like a horror movie with Paula shore playing Scott Barry and carrot top playing the head of the tax department. The film will be called Valeant Finance where idiots run the show. Haha

 

It sounds like you had some bad experiences with these folks. Details? So, the rest of us can be more cautious. Thx

 

Wow, sounds like a horror movie! Maybe better actors known for playing crooked people. Valeant what a dumpster fire!

 

Did they get rid of the companies' external auditors PWC? They were responsible for not catching the errors as well that led to this crappy company.

 

Agreed. There were stuff done that they should have caught.

 

PWC's actions at the oscars doesn't put on a positive spin on Valeant's previous year audits. Time to close up shop and file for bankruptcy. The entire finance operation at Valeant is a complete sham. Top to bottom worst group of people working together to create a atrocious product.

 

They were going to outsource the entire Accounting and Finance groups to pwc, but not after the Oscar fiasco. These guys can't seem to catch a break.