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Auditing the auditors

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Auditing the auditors

Jeffrey Tan & Benjamin Cher Published on Tue, Aug 13, 2019 / 4:17 PM GMT+8

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When years of clean audits end up costing investors dearly, industry reform is urgently needed.

SINGAPORE (June 10): The spate of corporate scandals in Singapore has left investors such as Jerry Low disgruntled and disillusioned — and doubtful — about auditors and their work. “They were not able to warn us on Noble [Group’s] dire financial situation. They appeared totally unaware of Midas’ fake accounts. They were unsuspecting of Hyflux’s unrealistic valuation of Tuaspring. Auditors’ unqualified opinion can no longer be relied upon as an indication that everything is okay in the listed company,” Low tells The Edge Singapore.

“From the investor’s perspective, auditors today are acting less like auditors and more like businessmen looking for patronage,” he notes.

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