10-23-2002, 05:58 PM
Hundreds of companies were listed on the stock exchanges in Pakistan during the 1990's. It is common knowledge that a very large number of sponsors of such companies indulged in over-invoicing of construction costs, plant and equipment and siphoned off money. Additionally, hundreds of listed companies continue to keep profits off their books through purchases and sales recorded at other than true market value; including foreign companies indulging in transfer pricing. I have yet to see any audit report disclosing doubts as to the accuracy of the accounts. How come its common knowledge but auditors pretend to be oblivious? Itâs no point hiding behind words and explanations and not doing right by the small shareholder who depends entirely on the auditor's professional integrity.<b></b>
