Company Auditors': the extent of their rights, duties and liabilities under the Malaysian Companies Act 1965 / Salami Ab. Rahman

Audits have imposed rigorous training schedules on all professional staff from partners down to juniors; they have upgraded their audit procedures and techniques by adopting more scientific criteria for determining (and hence justifying) sample sizes; they have improved the efficiency of their methods by relating audit effort to audit risk; they have sought and achieved a more secure foundation for their audit opinions by learning from each other's experiences and errors, and By pooling research resources; they have formulated and imposed auditing standards, as well as codes of professional conduct, and established the disciplinary machinery necessary to maintain the credibility of both standards and ethics in the public mind. How might this normally be explained? Could it be argued that this entire prodigious effort, on the evidence of the rising tide of negligence claims, was in fact been misplaced? It could indeed be so argued - but such a negative conclusion would be misconceived. The true inference is rather that, but for the unstinting efforts of this recent period. There would have been no profession at all's nor none, at least, as we now know it.