Keeping audits in order

Many, if not all, audit firms stand by their system of quality controls. Can the quality controls of audit firms stand against the pressure from the client or even internal challenges such as talent shortage? — gunnar3000/123RF

US$78BIL (RM373.79bil) is no small change — it’s close to Malaysia’s annual national budget.

Yet, an auditor could sign off on financial statements for not just one, but two years, in a row when revenue was inflated for bond issuances by property developer China Evergrande. How did that happen?