Message Font: Serif | Sans-Serif
No. of Recommendations: 0
A survey of 100 of Australia's largest companies by ASIC found that the processes for dealing with potential conflicts of interest regarding auditors and the companies they serve "require attention."

Require attention ,thats an understatement.

ASIC also noted that audit firms generated nearly 50 per cent of total fees paid from non-audit services.

"The high level of fees earned by audit firms through non-audit services reinforces the potential for conflicts of interest," Mr Knott said.

Yepper potential for conflicts.

"Australian investors need to be assured that the financial information on which they rely is accurate," he added.

Well it aint to much to ask is it?


Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.