Leading shipping accountant and business consultant Moore Stephens says
shipping companies should be open and clear about transactions between connected entities, or face the assumption that they have something to hide.
Writing in The Bottom Line, Moore Stephens' shipping newsletter, Chris
Chasty, head of the shipping group, says, "Shipowners should
be asking some
hard questions about who they turn to for auditing services. Investors want
the assurance that auditors are asking the right questions."
Chasty outlines the changes to accounting following the Enron scandal. Also
in The Bottom Line, David Anstis, shipping partner, says shipping should be more aware of how money laundering legislation will impact on what is traditionally a confidential business.