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Accountancy and White-Collar CrimeBecause of several infamous cases of failure of the independent auditor to detect fraud and white-collar crime, the audit profession may change forever. Auditors are increasingly being held responsible for ferreting out instances of management misdeeds, a task that they currently cannot or will not perform. The accounting profession, which generates $46 billion in annual revenues, currently faces 4000 negligence lawsuits totaling $15 billion, with more to come. Can the profession face up to the challenge? The author thinks not, unless it does business differently.
The ANNALS of the American Academy of Political and Social Science, Vol. 525, No. 1,
83-94 (1993) |
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