The Importance of Independent Auditing

The methodologies of the firms really in many cases did not at that time allow them to root out some of these collusive frauds. They also shared too much with management. Anderson actually in their work papers documented that Rolcom was a high risk client, but they didn't change their audit procedures based on that. So we're in a totally different place today than we were 20 years ago in terms of audit quality and the firms making sure that they are testing smarter, not harder.