Kwanini ndugu yangu

I disagree the auditor is as much liable if he fails to bring out the issue as anyone else.

Remember the customer of the auditors reports is the public. If he gives out half information then he is lying to the public to who he has responsibility as a professional not to mis-inform

Am sure we know of the many cases were we suddenly get surprised what was cooking before the cat was let out
.

Na wewe huwanga offline ukimuona?

@streetwise, from a strictly Wanjiku point of view, I am disagreeing with your disagreement. Who is really the auditor's client? Your ideal of the public is just an ideal. I have long been puzzled by the fact that an organization hires and PAYS an auditor, who is then supposed to be more loyal to the public than the organization. This may perhaps work in a highly regulated society, but here? I imagine a really tough and straight auditing firm will get very few assignments from our less than straight banks. May be the regulator should assign auditors and pay from a fund contributed by said organizations?

I ideally, the auditors should be appointed by the directors/board of directors who represent the interests of the shareholder.The auditors should express an opinion on the financial statements prepared by management for shareholders