Governance

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Now might be a useful time to recall what happened to high-riding Enron and its auditors Anderson. It goes to show that we cannot always trust the auditors, even if they happen to be big reputable ones.

After all, who pays their fees? The client. So are the external auditors really independent? You tell me.

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Many of these questions raised by the Edge have been asked before, but it is neat to have them all here, summarised in a few pages.

In some ways, the 1MDB saga was inevitable. A little snowball – a culture of lack of transparency and accountability to the public – was set in motion about three or four decades ago. Over the years, it gathered momentum, picking up scandals along the way, pummelling whistleblowers, sucking in the nation’s financial resources until finally bursting into the monster avalanche that is 1MDB today.

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