Judgment call for auditors
A local accountant is concerned about the independence of auditors in Barbados particularly when they rely heavily on one or two large clients for the income.
Dennis Shemeluck, a chartered accountant, highlighted his concern as questions were raised about whether auditors might be turning a blind eye to wrongdoing and malfeasance by senior officials in companies that they audited.
“In small nation states like those in the Caribbean it is going to be a real problem particularly if an auditor has a very large portion of [his income] coming from one client.
“It is going to be very difficult to walk away from that client even if you find something . . . especially if the directors of that company happen to play golf with you and if a director’s wife happens to be your babysitter or [child’s] school teacher.” (GE)
Full story in today’s DAILY NATION.