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Accountancy and White-Collar Crime

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  • JOSEPH T. WELLS

Abstract

Because of several infamous cases of failure of the independent auditor to detect fraud and white-collar crime, the audit profession may change forever. Auditors are increasingly being held responsible for ferreting out instances of management misdeeds, a task that they currently cannot or will not perform. The accounting profession, which generates $46 billion in annual revenues, currently faces 4000 negligence lawsuits totaling $15 billion, with more to come. Can the profession face up to the challenge? The author thinks not, unless it does business differently.

Suggested Citation

  • Joseph T. Wells, 1993. "Accountancy and White-Collar Crime," The ANNALS of the American Academy of Political and Social Science, , vol. 525(1), pages 83-94, January.
    • Handle: RePEc:sae:anname:v:525:y:1993:i:1:p:83-94
    DOI: 10.1177/0002716293525001007
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