It is due to this lack of information obtainable on the part of the shareholders that the management is able to commit fraudulent behaviour without their knowledge.
Hence, it is the role of the external auditor to act as a mediator of information and as a ?corporate watchdog' in order to bridge this asymmetry of information and prevent or report any fraudulent management behaviour...
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In light of the new auditor independence rules recently put in place, we will now examine how these regulations will affect the role of the external auditor in corporate governance and whether these rules will actually achieve their intended aim of increasing auditor independence and boosting investor confidence in both the audit profession and in the reliability of financial statements...