There has been criticisms made of the failure of external audits to detect financial fraud. Such failures have resulted in increased oversight and regulation of the audits. Federal legislation such as Sarbanes-Oxley was a reaction to the fraud that was not disclosed by audits. It has been noted that there is an inherent conflict of interest between auditors and the businesses they audit in that the businesses hire the auditors, and there have been reform proposals such as requiring that the business insure against fraud through the purchase of insurance and the insurance company would then hire the auditors.
Research and discuss whether such criticisms of external audits are valid. If so, then did Sarbanes-Oxley correct the problems and if not then what would be the alternative for business.
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