Entellium's lost millions

Larry Dignan outlines the main points of the Entellium fraud. Regardless of the final outcome, there are three glaring questions:

1. How did the CFO and CEO overstate revenues across THREE financial years by a factor of four to five times without someone noticing the obvious problem of accumulated receivables not being extinguished by incoming cash?
2. What level of due diligence was undertaken by Ignition which is said to have invested $19 million?
3. What were the two Ignition appointed board members doing?

As the recession bites harder, I expect to see a very different compliance regime. What form that takes is as yet unknown but I guarantee it will have a profound impact on enterprise systems.