corporate governance and accountability

the usa regulators have completed a report on the accounting and auditing firms and have highlighted audit deficiencies by ernst and young and pwc, 6 cases in ernst and 30 cases in the latter. they are saying that they will take the findings seriously but short of making these firms being made accountable for their shortcomings. in singapore this seems to be the way authorities are treating professional incompetencies and fraud. we have yet to see such big boys being held responsible for their misconduct, not meeting professional efficiency and doing their due diligence. the question is why are these big boys allowed to get away often scotfree from mistakes that have huge financial impacts and often affecting many innocent public investors. it is way long overdue to bring the big boys to task to restore some credibility to the corporate world and make corporate governance meaningful instead of mere lip service.

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