Wednesday, 1 September 2021

A question of lust

is a  song from the English electronic music band formed March 1980 in Basildon, Essex, and named after a popular French TV Programme : Depeche Mode.

It's a question of lust or is it a question of trust? A blogger has asked this question READ ; Can External Auditors Avoid Bias When Auditing Their Clients?

I do agree with his views and would like to add in a bit more of what I said earlier . Part of the Serba Dinamik mess is because of Bursa and the other part is because  of SC and it's minnion the Audit Oversight Board. 


 I had also highlighted  the following : Looking Back, I have  SERIOUS DOUBTS that KPMG was ever independent  in SERBA DINAMIK. For one, up to mid this year,  an important director specifically in Serba Dinamik's Audit Board was one of KPMG's former top partner, who is also specifically mentioned in the Government's US4.5 billion suit against  KPMG. 

Where was the Minority Shareholders  WatchDog Group (MSWG)  when all of these were taking place. If years ago, if the MSWG had taken even an ounce of pride in its job, it would for RECORD sake atleast  QUESTIONED KPMG, ARE YOU CAPABLE OF ACTING WITHOUT FEAR OR FAVOUR

😅 What I forgot to do was pin Bursa Malaysia along side the MSWG.

As for the blogger Depa Kata Lah,  suggestions , I agree with it but would like to add that auditors are not equipped to discover fraud. Their job is to ensure that the rules were followed .  

What AoB should do is to insist that every company listed on the stock exchange hire Fraud Examiners.  

Let's face the fact none of the Oversight bodies anywhere in the world was able to prevent massive scale corporate  fraud scandals.

The best people to detect them are Fraud Examiners. READ Auditor vs. Fraud Examiner: Who Should Be Responsible to Detect Fraud? 


It's a question of lust, it's a question of trust
It's a question of not letting what we've built up crumble to dust
It is all of these things and more
That keep us together
It's a question of lust, it's a question of trust
It's a question of not letting what we've built up crumble to dust
It is all of these things and more
That keep us together
It's a question of lust, it's a question of trust
It's a question of not letting what we've built up crumble to dust

I believe that the way AoB has been operating, they have not taken the auditors in as their partners.  Granted AoB has improved standards but let me tell you at what cost.

The number of first that are capable to audit a listed entity since AoB came into the picture has fallen from 200 to 39 firms only.  What this means is  that Audit firm ratio to public listed entities on Bursa now stands at 1: 23.

 A 2018 ‘Work Related Stress in Audit Firms’ survey of which 66% of respondents are working with the Audit Oversight Board (AOB) registered firms revealed that ;

77% of respondents feel there is still no work-life balance within the audit profession

A whopping 84% bring their work home with them. 

60% of participants felt that their health had been impacted since they started at their audit job.

Some 86% of respondents concluded they would consider leaving the profession given the impact of stress on their health.

No comments:

Post a Comment