The existence of fraudulent financial reporting has been of great concern to both the accounting profession and regulatory agencies such as SEC. It has been asserted that companies in trouble frequently go bankrupt shortly after receiving unqualified opinion from auditors. The auditing profession has historically argued that such cases are rare and that the cases appearing in the press give the impression that the profession is doing a poorer job than it actually is.Please write an essay that would include a response on following questions for two scandals, mainly Enron and Lehman Brothers that were reported in the press.Identify whether there was a fraud, and what was the motivation?How did the fraud or scandal take place?Identify the control failures that allowed the scandal to take place. Identify the audit procedures that should have found the issue or fraud.
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