Who audits the auditors?
Onésimo Alvarez-Moro
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AUDITORS are back in the headlines for all the wrong reasons, with two new lawsuits that will send further shivers through the halls of Australia's largest accounting firms.
Last week it was reported that a $746 million class action on behalf of investors in MFS's Premium Income Fund was being launched against the fund's compliance auditor, KPMG. The action involves KPMG's alleged failure to detect unsecured loans made to a foreign company which did not have sufficient funds to repay the sum.
Only days earlier, the shopping centre group Centro launched a cross-claim in the Federal Court, alleging that its long-time auditor, PricewaterhouseCoopers, should be held partly liable for the company's failure to adequately disclose its debt levels in 2007.
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