Such concerns are mirror images of others elsewhere

Such concerns are mirror images of others elsewhere Such concerns are mirror images of others elsewhere. While a Treasury investigation into the UK's banking crisis last year found no evidence of systemic failures by auditors, it did question whether or not the information they presented in corporate annual reports is actually useful.

Besides, despite the existence of mandatory audit procedures, accounting frauds recur at regular intervals. I checked with an auditor friend why these holes in the profession haven't already been repaired. He replied using an anecdote.

An internal auditor for a manufacturing group was concerned about anomalies in stock levels. He thought someone might be pinching stock but he couldn't prove it. He had his eye on a driver who every day drove his truck out of the factory with the load covered with multiple layers of tarpaulin.