Its proposals also include introducing mandatory joint auditing and preventing companies from appointing an auditor without regulatory oversight.

The large corporates, once they have appointed an auditor, seldom replace them.

The general meeting takes place yearly and with the purpose of approving accounts and appointing the auditors.

The watchdog said that it would take industry views on whether the new laws had improved auditor independence and prevented conflicts of interest.

What about cases of aggressive accounting or threats to auditor independence?

Auditor independence in a private firm and low litigation risk setting.

The stricter standards included more explicit financial reporting, stronger internal controls to prevent and identify fraud, and auditor independence.

The code establishes standards for auditor independence, integrity and objectivity, responsibilities to clients and colleagues and acts discreditable to the accounting profession.

A government auditor has estimated the potential loss to the country at 25 billion.

Ministers were concerned at 53% of fire brigades regarded as inefficient by a government auditor.

His actions deprived the exchequer of up to 25 billion, a government auditor estimated.

He spent fifteen years working as a government auditor.

Government auditors say that $1 billion of the first $6 billion in federal money was lost to fraud and waste.

They were required to hire an outside auditor to ensure compliance with the terms of the settlement.

Moves to tighten up on expenses by bringing in outside auditors are being opposed by traditionalists.

They assured investors that they were monitored by outside auditors - all lies, the court papers claim.

But his comments reflect a change of attitude in boardrooms to the historically cushy relationships with outside auditors.

Until the late 1980s, few companies engaged outside auditors, and accounting practices gave corporations room to mislead both the public and the shareholders.