Do we need audits?

Should companies eliminate audits? A interesting viewpoint by Fortune.com  The current system for analyzing and auditing companies’ internal controls needs an overhaul. Do the millions that large companies spend on annual audits actually provide the information investors need and are paying for? And are the earnings reports that companies produce trustworthy? If recent events offer any indication, the answer to both questions is likely a resounding no. On June 8, the U.K.-based CCP research foundation reported that from 2010 to 2014, 16 global banks, including Bank of America, JP Morgan, and…

Read More