It's the old story. The passing of the well-worn buck. Directors...

It's the old story. The passing of the well-worn buck. Directors argue they can't be expected to pick up every item in the accounts. That's what auditors are for, they say.

Centro is counterclaiming against its auditors, PricewaterhouseCoopers. Naturally, the auditors will contend they could only rely on what the executives and directors told them. It's the hoary old chestnut. Never in the history of the profession has an auditor fessed up, "Got me there! The reason I get paid a million dollars a year is to not rock the boat".

http://www.smh.com.au/business/centro-lambs-to-the-slaughter-20110520-1ewib.html