Audit Fees Issue?

This issue has been brought out as a result of Transmile case. Some argues that the low audit fee in the country has prevented the external auditor to carry out entended auditing procedures.
I think it is very unfair statement from investor's prespective. As the external auditor, their job is to ensure the financial statment is true and fair view when they signed of the report. This is nothing to do how much audit fee does the company is paying to the auditor. If the above arguement is valid, should we assume that higher audit fee indicates the report is more reliable?


With reference to the interim report from Moores Rowland Risk Managament Sdn Bhd, Transmile's 2005 result is in doubt too. In order words, partner from Deloitte & Touche who signed off last year report should be responsible as well? Should investors take action against the external auditor?
Let us wait and read more upcoming report from Moores Rowland ...