Auditors under the blowtorch

The collapse of rural financier Banksia has highlighted the critical role of auditors. Now a new rule is likely to radically change the industry, putting greater responsibility on auditors' shoulders. That will help investors, but at a price.

That’s good news for investors who want auditors’ expert opinions. The downside is that we can expect this will generate litigation. Lawyers will be the biggest winners. And if it goes through, audit fees will go through the roof. Transparency has a price.


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