 Companies were failing to submit their audited reports when auditors noted the possibility of misappropriation of funds.For example, FAMAD Plc, which had the first female president of ICAN as chairman of its board, had not held annual general meetings for about four years because the auditors had queried financial transactions and therefore the annual reports had not been submitted.Apparently there had been massive asset stripping in the company before it was finally de-listed in 2008.