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DISPUTE OVER AUDITORS' ROLE IN COLLAPSE OF AUSTRALIA'S HIH.
SYDNEY, Nov 1 Asia Pulse - Evidence obtained at the royal commission into HIH Insurance's spectacular A$5.3 billion (US$2.94 billion) appears to suggest that HIH's auditors were there simply to make sure the published accounts added up.
"There's a general misconception that auditors' responsibilities are to find fraud," ANZ Bank chief executive officer John McFarlane told business leaders this week.
"That is not correct.
"The auditor's responsibility is to give an opinion on the truthfulness and fairness of the accounts."
But what happens when companies run two sets of books and only show the auditors half the story?
How can auditors maintain a regulatory detachment when their former colleagues sit on the board and management of the very company they are supposed to be coolly assessing?
Where is the incentive to stand up to a client's management when auditors' prospects of promotion rest on their ability to drum up more business with that client?
- HIH auditor: would have warned watchdog if full story known.
- News wire article from: Asia Africa Intelligence Wire October 21, 2002 700+ words
...AAP - A long-standing auditor of HIH Insurance said today he...had known in 1999 that HIH had pledged $154 million...2000 audit, he and other auditors did not pick up on a...year in the cash reserves HIH put aside to pay future...
- HIH auditors not told of crucial financial deals.
- News wire article from: Asia Africa Intelligence Wire October 23, 2002 700+ words
...Intelligence - The Courier-Mail) An auditor for Australia's failed HIH Insurance says that HIH withheld crucial information from auditors. Former Andersen partner and long-time HIH auditor, Jonathon Pye, has told a royal...
- Weak management, cover-ups killed HIH: auditor.
- News wire article from: Asia Africa Intelligence Wire October 23, 2002 700+ words
...SYDNEY, Oct 23 AAP - HIH Insurance's weak management...dealing with them, the HIH royal commission heard...its longest-serving auditor, Jonathon Pye, who today...Andersen partner said HIH's board and management...replaced, Mr Pye added. As auditors, he said Arthur Andersen...
- WRAP - Weak management, cover-ups killed HIH: auditor.
- News wire article from: Asia Africa Intelligence Wire October 23, 2002 700+ words
...SYDNEY, Oct 23 AAP - HIH Insurance's weak management...dealing with them, the HIH royal commission heard...its longest-serving auditor, Jonathon Pye, who today...Andersen partner said HIH's board and management...replaced, Mr Pye added. As auditors, he said Arthur Andersen...
- HIH auditor feared money pissed away: inquiry.
- News wire article from: Asia Africa Intelligence Wire October 3, 2002 700+ words
...SYDNEY, Oct 3 AAP - Auditors for failed insurance giant HIH were afraid to sign off...away" any money, the HIH Royal Commission heard...senior accountant at HIH, Robert Martin, told...October 2000 by calling auditor John Buttle of Arthur...
- WRAP - HIH auditor feared money pissed away: inquiry.
- News wire article from: Asia Africa Intelligence Wire October 3, 2002 700+ words
...SYDNEY, Oct 3 AAP - Auditors for failed insurance giant HIH were afraid to sign off...away" any money, the HIH Royal Commission heard...senior accountant at HIH, Robert Martin, told...October 2000 by calling auditor John Buttle of Arthur...
- HIH auditor feared money may have been pissed up against wall.
- News wire article from: Asia Africa Intelligence Wire October 3, 2002 700+ words
...SYDNEY, Oct 3 AAP - Auditors for failed insurance giant HIH were afraid to sign off...away" any money, the HIH Royal Commission heard...senior accountant at HIH, Robert Martin, told...October 2000 by calling auditor John Buttle of Arthur...
- HIH auditor feared money may have been gone up against wall.
- News wire article from: Asia Africa Intelligence Wire October 3, 2002 700+ words
...SYDNEY, Oct 3 AAP - Auditors for failed insurance giant HIH were afraid to sign off...away" any money, the HIH Royal Commission heard...senior accountant at HIH, Robert Martin, told...October 2000 by calling auditor John Buttle of Arthur...
- HIH auditor kept in the dark, hearing told.
- News wire article from: Asia Africa Intelligence Wire October 23, 2002 700+ words
...continued on 22 October 2002. The HIH Royal Commission heard that HIH management had hidden a series...financial arrangements from its auditors, Arthur Andersen, including...reinsurance contract between HIH and Swiss Reinsurance. According...
- HIH wanted auditor replaced.
- News wire article from: Asia Africa Intelligence Wire October 29, 2002 700+ words
...Andersen partner defended the decision to replace the HIH auditor. Christopher Knoblanche said the HIH finance director had asked him in April 1999 to...Soon thereafter, Davies was rotated off the HIH account. Knoblache told the HIH royal commission...
Source: HighBeam Research, DISPUTE OVER AUDITORS' ROLE IN COLLAPSE OF AUSTRALIA'S HIH.