ABSTRACT
When corporate debacles occur, such as those of Enron, WorldCom and Lehman Brothers in the United States of America (USA), Barings Bank and Equitable Life in the United Kingdom (UK), Parmalat in Italy, HIH in Australia and Satyam in India, those who suffer loss (investors, employees, creditors, suppliers, customers and others), as well as politicians and society in general, ask: Where were the auditors? Such questions reflect the failure of the auditors in question to deliver the services expected of them – a failure which results not only in criticism of, and often litigation against, the auditors concerned but also in criticism of the auditing profession as a whole and a loss of confidence in its work.
