The role of the company auditor is commonly misunderstood.
To help clarify the the limited responsibilities of auditors, reference is often made to the immortal words of Lord Justice Stopes in the Kingston Cotton Mill case: "The auditor is a watchdog not a bloodhound".
Many years later this phrase was famously corrupted by an aspiring young accountancy student. During an examination where he felt under significant time pressure he wrote, in evident frustration: "The auditor is a watchdog, not a bloody greyhound".
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