Untrained accounting graduates have been drafted to wage war against sophisticated liars and thieves. And as multi-billion dollar accounting failures have shown, it hasn't been much of a fight.

Just ask the people holding accounting degrees. 'How much did you learn about fraud in college?' The shocking answer: little or nothing.

I like the Juice, and I wanted to get a shirt signed.

Under-the-table deals, sham transactions and the like can be easily concealed. Holding CPAs to a standard that requires them to detect all material fraud puts them in a no-win situation and they know it. Still, auditors can certainly do a much better job than they've done in the past.

[Finally, CPAs can only audit what is presented to them.] Under-the-table deals, sham transactions and the like can be easily concealed, ... Holding CPAs to a standard that requires them to detect all material fraud puts them in a no-win situation and they know it. Still, auditors can certainly do a much better job than they've done in the past.