TL;DRAbstract
In the business world, the rearview mirror is always clearer than the windshield."Warren Buffett Stock market fraud was once a perfectly respectable way to achieve wealth and much of America's industrial and financial colossus was built on such actions.In fact, "some of the greatest names in American history made their fortunes through shameless chicanery, including Vanderbilt, Morgan, Rockefeller, Stanford, Gould, and Kennedy" (Carlson).Regulation was limited and ethics were not even considered as "insiders benefited from price fixing, stock manipulation, and various schemes of questionable legalityMergers, cutthroat competition, railroad rebates, and bribery were some of the techniques used by businesses" (Giroux) in these early days.Given this situation and the culture that it fostered, auditors faced a number of challenges in performing their work.A milestone case in fraudulent financial reporting occurred in the 1930s, soon after the Great Depression, at McKesson & Robbins (McKess
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In the business world, the rearview mirror is always clearer than the windshield."Warren Buffett Stock market fraud was once a perfectly respectable way to achieve wealth and much of America's industrial and financial colossus was built on such actions.In fact, "some of the greatest names in American history made their fortunes through shameless chicanery, including Vanderbilt, Morgan, Rockefeller, Stanford, Gould, and Kennedy" (Carlson).Regulation was limited and ethics were not even considered as "insiders benefited from price fixing, stock manipulation, and various schemes of questionable legalityMergers, cutthroat competition, railroad rebates, and bribery were some of the techniques used by businesses" (Giroux) in these early days.Given this situation and the culture that it fostered, auditors faced a number of challenges in performing their work.A milestone case in fraudulent financial reporting occurred in the 1930s, soon after the Great Depression, at McKesson & Robbins (McKess
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