Thursday 24 June 2021

Audit Oversight Board. What Difference Does It Make?

was a hit for my favorite band, the Smiths, from their debut album , the self titled the Smiths. The single peaked at number 12 on the UK pop charts despite not having a music video to hard sell the single .

With the slug fest between Serba Dinamik Bhd and KPMG, having already cost the listed entities some RM3 billion in market cap, a big elephant strolls around the room.

What difference does it make ? , to us the investing public on the role of Audit Oversight Board's  view that Auditors should be allowed to carry out their responsibilities and render their independent opinion without fear or favour and discharge their duties free from any retaliation. CLICK HERE TO READ

What difference does it make? asking for some accountability and clarity as demanded by a Malaysian Insight reader. CLICK HERE TO READ

What difference does it make to us the investing public? Well the anwser is almost none, except that the Serba Dinamik people have good dark humour,  by appointing Ernst & Young, who didn't sign off any of the 1MDB accounts. 

KPMG however did indeed sign off the accounts and is in settlement talks with the Ministry of Finance. Just this month, the Government confirmed that it has received US$80 million from Deloitte , another one of 1MDB's ex auditors.

Todate, Audit Oversight Board, hasn't even been given a slap on the wrist, when it sat and did nothing for years and years and as the world was talking about 1MDB.

Did the Audit Oversight Board then lack courage and if so how will they then be able to give the new auditors of Serba Dinamik courage, a commodity lacking  in the Board as an institution?