Misreprensentation Auditors Play a Crucial Essay

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United States. I feel that auditors should be held to the highest standards and any implication of illegal behavior should be punishable under law.

Supreme Court aside, Congress has done much within Sarbanes-Oxley to address the legal ramifications concerning auditor misrepresentation. The principles regarding the elimination of conflict of interest remove one of the most significant motivations for the commission of fraud. I feel that overall, the legal framework for prosecution is strong. I do, however, feel that the industry should hold itself to a higher standard. The PCAOB can make life difficult for auditing firms, and this acts as a means of control, but surely an auditor willing to commit fraud will not be discouraged. Even the threat of being removed from the profession may not suffice.

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There needs, in my opinion, to be a comprehensive degree of legal recourse. This should include but not be limited to civil suits, firing, removal from the profession, and criminal prosecution. Auditor misrepresentation has substantial impacts on our entire financial system, as demonstrated by the aftermath of Enron and other similar scandals. It is essential, then, that auditors understand that misrepresentation is a criminal activity that will result in criminal prosecution, jail time and ultimately their removal from the profession and the elimination of all of their assets. Only the threat of total financial and career ruin can serve as a sufficiently significant deterrent and I believe that is the direction we should go.

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