Re: Outside Auditors
Completely agree. The mere fact that Deloitte had been doing the audit for at least the five years that the senior partner had been working with them rings alarms bells.
I get that big firms have complicated structures and that there's a cost in chopping and changing auditors frequently. But it really should be mandatory to change auditors at least every three (?) years, as some small mitigation to avoid auditors becoming entrenched and working for the company - when they should technically be working for the shareholders.
Yes I know shareholders vote to employ the auditors at each AGM but it's pretty unarguable to state that the system isn't working.