Corruption in FIFA? Its Auditors Saw None.

http://www.nytimes.com/2015/06/06/sports/soccer/as-fifa-scandal-grows-focus-turns-to-its-auditors.html?ref=topics&_r=0

This is one of the ironical headings I have read in recent past. Considering the massive corruption widely reported to be spanning more than a decade, this heading was irresistible. And true to its juicy heading the article did not disappoint. As an international organisation it was very telling that as far back as 2002 the organisation was flouting the GAAP rules especially the matching and revenue recognition principle. “This accounting principle requires companies to use the accrual basis of accounting. The matching principle requires that expenses be matched with revenues. For example, sales commissions expense should be reported in the period when the sales were made (and not reported in the period when the commissions were paid).” But FIFA “an unusual move for an organization that at the time used accounting methods that recorded income when it was received, not in advance, according to accounting experts.