IN plain speak, this is what my editor in Business Times, told me on my first day at work ; "I am not looking for a writer, cause if I was, someone like William Shakespeare would be sitting in your place. I am looking for a reporter, and to be an efficient reporter, understand that there is no new story, just the place, time and names that change".
BACK in the day, the biggest thing in the audit world was Arthur Andersen LLP, the guys who knew how to piss straight without wetting the sides of their pants
MANY remember, Arthur Andersen, as the firm which lost their license to practice due to their admission of involvement in Enron's false market schemes.
WHAT most do not recall was that in the early days of the Enron case, Arthur Anderson was singing a different tune.
INITIALLY, Arthur Andersen claimed that it's US$52 million audit fee, did not compromise the Enron audit, and that Enron failed because it's business model failed.
NOW fast forward back to the present time, to Kuala Lumpur, Malaysia, where delinquent auditors, Chengco PLT , READ : admits audit flaws but denies independence was compromised.
NOW, where have we heard this story before ? ENRON one company, but in down town Kuala Lumpur Lumpur, we potentially have as many as 35 mini Enrons, roaming the streets without a single worry.
INSTEAD of pursuing and exposing the entire gin bang gang, the Securities Commission via it's Audit Oversight Body (AOB) is recommending READ :that the gin bang gang made up of owners and directors of these 35 companies, put their house in order.
AT this rate, we should probably be employing wolves to tend to our livestock's, and laugh our asses out a loud on the creative stories the wolves will come up with to account on why the livestock's are diminishing at a rate which defies logic.
A real time event of such a hypothesis, could well be on Leong Seng Wui's time in Green Packet Bhd and the sudden creative drop in the sales booked by the company.
