However competently conducted, it cannot be interpreted as a blanket cover that everything is perfect in an organization. The instances of corporate failures that had escaped the radar screen of external auditors and gained notoriety afterwards as with Enron, WorldCom, Nortel, Tyco and Parmalat are still vivid in our minds.
Accounting irregularities at leading corporate entities are a stark reminder as to how much the absence of accurate, timely and comparable financial information can impede the effective working of markets. Auditors were the first ones to face a backlash and in some instances, their independence was even questioned. I cannot overlook the criticality of international standards in my remarks this morning.