Its Enron all over again.
And when you hire an auditing firm to do the
checks, it creates a conflict of interest as the auditing firm
keeps quiet for the sake of customer loyalty.
And then you get the Big 4 becoming Big 3 all over again.
Yeah.... instead, the central bank should appoint the auditor.
They can make the bank pick up the tab, while the auditors
themselves report only to the central bank.
The current situation is kinda like how PwC couldn't find
anything wrong with NKF after years of being hired by them to do
the auditing.
Then the TT Durai scandal broke, and voila.... KPMG found
skeletons in every closet and worms in every can.
