ICAS hits out at ‘sceptical public’

Speaking at the Scots institute’s annual awards ceremony in Glasgow, Christie criticised at ‘a sceptical public and an even more cynical press’.

Christie said: ‘Enron is clearly an issue of huge concern. That does not necessarily mean that we should regard the auditors as the prime culprits. We need to try to re-establish in the re-establish in the minds of a sceptical public and even more cynical press, a basic truth ‘that the people with primary responsibility for running a business are the directors.’

He did however acknowledge that auditors should be whistle blowers to any irregularities.

Christie also threw a few more pertinent questions into the ring. He said: ‘Is it sensible to motivate and reward employees, in particular senior management, with short-term stock options? Should employees with access to sensitive financial information and with the ability to influence the market by the comments they make, be allowed to trade shares on a virtually unrestricted basis?’

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