With the plethora of financial scandals involving accounting irregularities at closely scrutinised companies, it is a wonder that the world's auditors are still in business. Let's take recent examples: In the UK, auditing shortcomings by KPMG led to the collapse of construction giant Carillion. In South Africa, multinationals Steinhoff and Tongaat-Hulett, both audited by Deloitte, have been in the spotlight after their share prices collapsed as the dirt spilled out into the open. But KPMG, also implicated in the industrial-scale South African state capture scandal, and Deloitte are not alone in their sins. The UK's Financial Reporting Council has put Grant Thornton into special measures, saying it has been the worst performer of 11 firms assessed. However, with a quarter of all audits not worth the paper they are printed on, investors have to ask what value accountants add in the world of publicly listed investments. It's looking increasingly like the audit requirements are no longer fit for purpose. – Jackie Cameron
