Nigeria Banks Ordered to Replace Auditors Serving for 10 Years By Year-End
http://www.bloomberg.com/news/2010-09-14/nigeria-banks-ordered-to-replace-auditors-serving-for-10-years-by-year-end.html
Due to their inefficiency in handling the 2009 debt crisis in the country, Central bank Governor Lamido Sanusi has ordered the lenders of the country to reduce term limits for their external auditors before the end of the year. The terms will be limited to 10 years. Because the auditors handled the crisis so poorly by allowing stock to be bought by unreliable sources which causes major debts and drop in share prices. 8 of the 24 lenders have already had their chief executive officers fired because of the mishap. The Asset Management Corp. has been created to help buy back about $5 billion worth of bad loans.
I think limiting the terms is always a good idea when it comes to politics - it keeps the officials in check and always striving to do their best, maintain their reputation, and earn their title.
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