Auditors blow whistle on 30 suspect firms

AUDITORS have already blown the whistle on 30 companies suspected of breaking the law in their accounting practices.

Recent financial scandals in the United States, such as the Enron affair involving Arthur Andersen, have resulted in a freefall in the stock market and a decline in public confidence in the business community and the auditing profession. Since the introduction of new laws in this country at the end of last year requiring auditors to report the discovery of suspected indictable offences, the white collar crime enforcer has received 30 reports for investigation.

Director of Corporate Enforcement Paul Appleby said he felt reporting financial malpractice was not only in the public interest, but also in the interests of the auditing profession.