TOSHIBA'S accounting scandal has made headlines in both Japanese and international news since April. When the news first broke, the spotlight was thrown on the audit function and the auditor's role was questioned. This was in spite of subsequent reports that declared improper accounting procedures dating back to 2008 were intentional and that it would have been difficult for the auditors to detect.

In an industry that touts trust as its most critical currency, the Toshiba scandal, like many other financial scandals before it, has revived the existential question about the value and continued relevance of audit.

Audit function, redundant?