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Business and Management

The “audit failure” issue is one that we should all be concerned about, but in doing so, we need to separate reality from urban myth while we still have the time (Pat McDonnell)
The admission by Olympus Corp that it falsified financial reports for more than a decade should not shock anyone. The shock is that, for years, auditors failed to detect such massive fraud. The failures of auditors to uncover cooked books, which run the gamut from Adelphia to Waste
Management Inc, are a cancer on the accounting industry.
Modern financial history is chock full of such stories, in which managements at brand name companies hide losses, fabricate revenues, report imaginary profits and claim to have assets that turn out to be non-existent, all of which supposedly independent auditors either fail to detect or keep quiet.