Abstract

The purpose of this paper is to investigate qualitatively how the financial crisis educated auditors and how the auditing practice can be modified in order to prevent future financial crisis. Lastly, concluded that the global financial crisis came as a result of excessive risk taking on the one hand and high irresponsibility on the other hand. It is true that auditing might have gone a long way to reduce the gravity of this crisis. But to mitigate future occurrences, it is going to take more than just auditing to prevent it since much research points to the fact that auditing alone was not enough to stop the crisis.