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Corporate governance is a shared responsibility. It's not just on auditors

The corporate governance ecosystem is an intricate balance of multiple participants who act to generate long-term value for the firm - the board, management, audit committee and the internal and external auditors.

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Many people are unsure of what auditors do. But more disturbing is that they believe that auditors are responsible for helping companies avoid failures and to prevent fraud. Educating the public and investors on what to expect of auditors, management and directors is important.

WHEN a company falters, who takes the blame? Did the financial statements fail to communicate the underlying performance of the company? Were the disclosures inadequate in highlighting the key assumptions and judgements made when estimating the fair value of certain assets? Are investors aware...

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