Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. there has been criticisms made of the failure of e

There has been criticisms made of the failure of external audits to detect financial fraud....

50.1K

Verified Solution

Question

Accounting

There has been criticisms made of the failure of external audits to detect financial fraud. Such failures have resulted in increased oversight and regulation of the audits. Federal legislation such as Sarbanes-Oxley was a reaction to the fraud that was not disclosed by audits. It has been noted that there is an inherent conflict of interest between auditors and the businesses they audit in that the businesses hire the auditors. There have been reform proposals such as requiring that the business insure against fraud through the purchase of insurance and the insurance company would then hire the auditors.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

33) Over the past several months, an adult patient has been treated for tetany (severe muscle...

Basic Math
Q

Compare and contrast spores and seeds as dispersal mechanisms for plants, including descriptions of each. What...

Biology
Q

Heart disease is a common problem in Americans , How quickly does heart disease develop and what...

Medical Sciences
Q

A concentration cell based on the following half reaction at 312 k ag+ + e- -------->...

Chemistry
Q

Romano Services provides room-cleaning arrangements for hotels. On April 1, Swanky Hotels & Resorts signed an...

Accounting
Q

O1 codes for a protein that controls the expression genes related to eye development O2...

Biology
Q

Match the function y cos 2x with its graph Which is the correct graph of...

Geometry
Q

Let A 2 2 11 2 3 2 2 3 a Find the determinant of...

Basic Math
Q

Suppose 16 coins are tossed Find the probability of getting the following result using the...

Statistics
Q

Is the following Please provide brief The set 6 statement true or false explanation why...

Algebra
Q

Samtech Manufacturing purchased land and a building for $4 million. In addition to...

Accounting
Q

QUESTION 14 4.55 points Suppose that today is September 20, 2010, and Microsoft has just...

Finance