This article discusses the failure of auditors to detect accounting scandals and the need for serious reforms. It highlights the conflicts of interest and misaligned incentives built into auditing that all but guarantee that accountants will fall short of investors’ needs. The article also talks about the role of auditors in modern capitalism and the history of auditing. It mentions some of the major accounting scandals and the involvement of the Big Four global accounting networks. Desklib provides study material with solved assignments, essays, dissertations, etc. Subscribe now!