Question

Find and read the article by Mike Whitmore, "Is There Really Such a Thing as an Independent Audit?" in Forbes magazine from 12/3/18.  

What do you think?

Answer 1

Well i think there is a thing called independent audit.

Is there really such a thing as an independent audit? It seems like almost every week, I read about one of the big four accounting firms getting caught up in a lawsuit or scandal. As a former big four auditor myself, it’s depressing to watch. Business leaders naturally feel betrayed when a massive fraud goes undetected by the auditors. Investors feel the same way when further investigation shows that the value of a company’s assets has been wildly exaggerated. Reputations -- and even entire companies -- can be destroyed when the auditors miss those issues.

The Sarbanes–Oxley Act (SOX), passed in the wake of the accounting scandals that destroyed Enron and Arthur Anderson, was supposed to fix this. But as today’s failures tell us, there are still plenty of problems with the audit profession. Let’s take a look at some of the issues impacting auditor independence.

Well looking at big four personally i dont prefer
What i prefer is looking at smaller firms