Accounting profession needs backbone to resist the bullies

I’m tired of hearing the same old refrain about auditors, and I agree that they have been awful, “VBS opens eyes to ‘conspiracy of lies’ ” (Newsmaker, July 29). However, a normal audit is not a process where one should necessarily detect fraud. Normal audits are not forensic audits.

A big problem is that shareholders and management are prepared to lie, and manipulate and bully their professional advisers into signing off financial statements and reports which are incorrect and prejudicial to third parties.

The reports cover a wide range of issues, from valuations to insurance claims.

The accounting profession needs to clean up its act, get a backbone and be far more circumspect in what it signs. As for those liars, manipulators and bully boys — you are the real problem, and you know who you are.

Donald Stump, on Businesslive