Can You Really Rely on Auditors to Catch Sponsor Fraud?
Contrary to popular belief, audits are not designed to be thorough enough to catch most fraud. And even with that low bar, the so-called "best" accounting firms (the "Big 4") have been repeatedly penalized for inadequate care and misconduct. How can investors protect themselves? (Usual disclaimer: I'm just an investor expressing my personal opinion and not a financial advisor, attorney or accountant. Consult your own financial professionals before making any financial decisio