25 Nov '11, 9pm

Home Business What's the point in auditors' reports?: Maybe, just maybe, we should stop requiring them altogethe...

Six months ago, the accounting firm PricewaterhouseCoopers LLP said MF Global Holdings and its units "maintained, in all material respects, effective internal control over financial reporting as of March 31, 2011". A lot of people who relied on that opinion lost a ton of money. MF Global filed for bankruptcy on Oct 31. This week, the trustee for the liquidation of its United States brokerage unit said as much as US$1.2 billion (S$1.58 billion) of customer money is missing, maybe more. Those deposits should have been kept segregated from the company's funds. By all indications, they were not. What is the point of having auditors do reports like this? And are they worth the cost? It is getting harder to answer those questions in a way the accounting profession would favour. When an auditor certifies that a client's internal controls are effective, that is supposed to mean th...

Full article: http://www.todayonline.com/Business/EDC111126-0000021/Wha...

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