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For decades, audits have been aimed at checking the math and making sure that companies are following Generally Accepted Accounting Principles (GAAP) in creating their financial statements. The only way to start finding more fraud would be to completely change the process of auditing, or to require companies to engage fraud-focused consultants to perform procedures specifically designed to detect fraud.
It has been almost a decade since Sarbanes Oxley was enacted, and still audits are no better at preventing and detecting fraud. The investing public, however, still seems to believe that auditors can and will find fraud in their financial statement audits. They should not be fooled by this proposal. The problem isn’t with the length of time auditors have had a client. It is with the process of auditing itself, and unless that changes drastically, fraud will not be detected with any great regularity by the financial statement auditors.