Africa needs better auditors: fees are rising and values are dropping
The most disturbing business relationship in the world is one where one party compensates another party that is supposed to be loyal to the society at large and uphold certain fiduciary principles. You are paid by one entity but, your allegiance is supposed to be to a larger entity that has not compensated you in cash and/or kind but expects the integrity of your profession to trump selfish business concerns. Auditors get paid by the client but, the investing public is expected to believe the audited financial statements meet certain required and expected standards of honesty and transparency. Reality of events across the world clearly shows that audit firms have pledged their loyalty to the paying client and not the users of the financial statements they audit. Africa needs better audits by auditors if it its constituent countries’ stock exchanges are ever to become developed markets and if it wants to increase stock market participation rates by its citizenry. Af