dspp wrote:I don't suppose I will be the only person thinking that the auditors should have their hands in the same vice as the clients (shareholders) and feel at least some of the same pain.
Without ensuring true independence of appointment (so that auditors are appointed by the shareholders potentially against the opinion of the board) there will always be some problems. However, the number of really big frauds surviving for multiple years shows there is a problem.
It could be for a listed company that there needs to be an audit committee appointed by the members excluding any members who are board members.