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How many auditors did the work, over what period of time?
"Valuation requires training," he said, "and many auditors may not have extensive training".
Many auditors also sell tax avoidance and a variety of consultancy services to client companies.
"Many are doing a factory a day, and many auditors, more than one factory a day," he said.
Even before the Enron scandal, it was clear that many auditors were not doing their jobs properly.
Many auditors and judges have found that previous decisions were made arbitrarily and with little consultation with other agencies.
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Many Hong Kong auditors would like to have more access to the vast mainland market.
"We're poised with an incredibly responsible set of drawings, completely tested in the market, tested by so many outside auditors that I don't want to tell you," said the plan's director, Louis Frederick Reuter IV, a veteran of large project management in New York, "and these are real costs, they are competitive, they are real good numbers for doing this kind of work in the city".
"That's why you see so many retired auditors on audit committees these days, or retired chief financial officers," he said.
While there are many stakeholders, auditors, reporting requirements and accreditation organizations, there are no organizations or individuals who are tasked to disrupt the status quo to create positive change.
For these reasons, companies try to avoid switching auditors; many relationships last decades.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com