Originally Posted by Unregistered

Btw, if you read carefully, I am NOT disagreeing that the audit profession is pretty much ineffective in substance. This is also why pay in audit continues to decline in line with the deteriorating value. But why do listed companies continue to spend tons of money on audit despite its obvious shortcomings. The SM and directors ain't blind or idiots to not see its useless. Find me one large listed company in Singapore that do away with audit totally. Look at the recent Hyflux case. The directors were faulted for stupid technicalities like not organizing enough risk management meetings. And you geniuses are saying like audit will cease to exist? When things go wrong, stakeholders will go a witch-hunt to find every minor fault and you will wish there is someone to share the burden with.