Why Auditing Should Be Continuous...

                        Lehman Gets Burned for $400 Million

Here's more evidence that:

• crooks can best most controls companies put in place to catch fraud
• Wall Street's woes aren't over
• Auditing needs to be more automated and continuous

In an article in the New York Post (see: http://www.nypost.com/seven/03302008/business/400m_con_job_104125.htm), the Wall Street firm Lehman Bros. got taken in to the tune of $400 million. Did auditors catch it? No. Did SarbOx controls do their job? No. Hmmmmmm