ST: Fraud: Hold external auditors accountable

Perhaps govt should hire more detectives (CAD) to arrest corrupt board directors and their colluding auditors since these 'paid' auditors have the tendency to do a slip shod job (high leniency for errors= happier clients).

Perhaps for all charities, with increasing intensity in proportion to increased $ pool, should publish their audited financial statements for public scrutiny (on the internet for large charities and public listed companies (PLC))- this would assist potential whistle blowers and complaints to the CAD regarding dogy charity organisation submissions.

For a large project such as the CHC building fund (worth $310Million), I cannot understand why the Church cannot publish complete updated accounts of the process on a monthly interval- for the sake of transparency and public scrutiny of charity/ PLC accounts- especially ones with so many members/ shareholders and whose impact upon society can be expected to be many times their membership/ share holder size.

Perhaps the government could provide charities with the necessary computer accounting software so that with the press of a button, updated accounts may be posted online (and emailed to MAS/COC etc) at the click of a mouse.
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The Straits Times; Published on Jul 19, 2012
Fraud: Hold external auditors accountable
IN LAST Saturday's special feature ('Accounting for spiritual giving'), which highlighted the checks in place for donations for religious purposes ('Religion and the rules of charity'), there was no mention about the role of external auditors.
Are external auditors taken to task in investigations into fraud or financial malfeasance?
If external auditors are paid to audit accounts, surely theirs is a role that must also be scrutinised.
Similarly, rating agencies were not taken to task for gross negligence in rating toxic sub-prime assets as AAA investment grade, resulting in a chain of events that led to the Lehman Brothers collapse and financial crisis, and retail investors losing billions.
They were the catalysts to the financial collapse as the investing public took their ratings in good faith.
What is the view of the relevant agencies?
Yeow Hwee Ming
Fraud: Hold external auditors accountable

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20July2012: ST: Fraud: Hold external auditors accountable