SPECIAL TOPIC: WHAT DO AUDITORS DO—OR SHOULD THEY DO?

This section is new in this edition of this book. The original 12 chapters (lessons) of this book are concerned with financial statements and reports and where the numbers come from. There isn’t much discussion about checking on the validity of those numbers, as it was generally perceived that all accountants and bookkeepers were honest and did their work correctly. But now the financial climate has changed. In the last few years we have seen Draconian episodes of management fraud and failures of auditors who probably should have caught such fraud. That has certainly increased public awareness and interest in the auditing function, so this discussion is now included in this book.

While we ...

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