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Responsibility of external and internal auditors? |
I was invested company (Transmile Group Bhd) in last year December. My cost was around Ringgit Malaysia 14000. However, the price now is Ringgit Malayasia 4400. I did this investment analysis was based on audited accounts of this company.Unfortunately, now they found that the previous audited accounts are wrong! Sales and Fixed assets were overstated by few hundred million. What is the role of the auditor? May I know as a retail investor can take legal action again auditors to recover back my damage? The auditors found the problems that the company was lying about. They are the good guys. You need to look into suing the company for misstating the financial reports. They must have done a due dilligence test, if they haven't you may have recourse to legal action i would have thought An investor is supposed to take all factors (predictable and unpredictable) into account before investing in any securoties or shares. I don't think that the laws of Malaysia are any different from laws in other countries. No investor can blame someone else for his losses, whether auditor, director or chairman of a company. But there are company laws in every country, and action could probably be taken under those laws for falsification of accounts. |
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