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By A. Au
In April, an anonymous letter about property developer China Resources Land Ltd. (1109.HK) circulated on the internet, accusing Ernst & Young (E&Y) of lacking independence in its audits of the company. The reasons cited included possible transfers of business interests between the two sides, such as CR Land’s suspected sale of properties at a low price to E&Y executives, which both sides later denied, criticizing such conclusions as grossly contrary to the facts.
The anonymous letter appeared about two weeks after CR Land switched auditors from E&Y to KPMG, saying E&Y had served for the maximum period as CR Land’s auditor, in a case of intriguing timing, to say the least.
To ensure employee integrity, avoid secret deals and protect their own interests, many listed companies have set up whistleblowing policies. But often before a company even receives an employee report or starts to handle a complaint, such internal information is disclosed in the media, like the case with CR Land. While that may show the media is too powerful, it may also reflect that many employees don’t believe in their companies’...
A slew of NYPD officers recounted on Sunday horror stories from their careers in which they say they were falsely accused of sexual misconduct and, despite being exonerated, had the allegations sh...