1.   Directors should report on the effectiveness of their system of internal financial control and auditors should report on this statement.

2.   At one meeting, for example, auditors reported that Jett had booked billions of dollars of unusual transactions more than one day ahead.

3.   Auditors also reported long delays when they asked the authority to supply records for their review of the program.

4.   The auditors reported that the central bank had once lied about the size of its currency reserves and that it had stored some IMF funds in offshore accounts.

5.   The position should be strengthened by allowing the auditor to report directly to the board instead of to the general manager, the review states.

6.   It did not specify whom the auditors should report to, and whether their findings would have to be made public.

7.   Singapore authorities took the action after auditors reported irregularities in Amcol operations and questioned the competence of its managers.

8.   The meeting came a day after an independent auditor reported that Hyundai Engineering and Construction Co. faced bankruptcy with far more debts than assets.