The Unites States Supreme Court decision in US v. Arthur Young (1984) reaffirmed the auditor’s watchdog function when it said that auditor’s ultimate allegiance is to “a corporation’s creditors and stockholders, as well as to the investing public”. It added that the watchdog function “demands that the accountant maintain total independence from the audit client at all times and requires complete fidelity to the public trust”. Do you think Deloitte as the auditor of 1MDB had fulfilled its watchdog function effectively? Why do you say so?

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Answer Malaysias troubled wealth fund 1MDB has revealed that Deloitte told it in February it would quit as auditor as soon as a replacement could be found The funds announcement came in the wake of la... View the full answer