Chapter 1 - Auditor: Earthquake funds spent properly

http://www.chinadaily.com.cn/china/2009-09/15/content_8690848.htm
Summary
Auditors hired from the National Audit Office (NAO) for the Sichuan earthquake funds announced that 14 reconstruction projects had been finish and 62 projects are on its way. The reconstructions includes rural houses, schools, transportation, power and power grids, irrigation and telecommunications projects. There were no major legal breaches but NAO did found some reconstruction fund problems. Anxian country in Sichuan enlarged its losses from the earthquake when planning dike construction. At first, the central finance gave an extra 15.5 million yuan but after auditing Anxian refunded the money. Another problem was in Wenchuan where it applied for 2.6 million yuan for the repair and reinforcement of six residential buildings, but the real cost was just more than 900,000 yuan.

Connections
In the first chapter, the textbook gives the definition of an auditor: a professionally trained accountants who add credibility to the financial statements fairly present the company's results.
This article reports about the Sichuan earthquake, where people are not being honest about the funds, so the NAO hired auditors to look at the projects and funds. In the article, it shows that auditors are really important because auditors helped saved lots of money and to give those money back to the people who really needed help.

Reflection
I feel that auditors are really important and professional after reading this article. I believe in China and many other places in the world, lot of people are taking advantage of their power for their own good. Many people exaggerate the amount of money and take the money for themselves. It is not fair to the people who really needed the money. It is a good thing that more auditors are being hired to examine projects and companies because it can help lower the amount of legal breaches and to provide fairness presentation.