Are auditors responsible for finding fraud?

That was the debate between Alaba Awolaja, Chief Managing Consulting at GOARISC and Oversight, and Emmanuel Johannes, CEO at Kepler Associates.

The audit profession has had recent developments in this space lately:

- Last December, three audit and risk officers at Wells Fargo faced potential multi-million dollar fines for their role in the fake account scandal

- Last month, the UK parliament proposed a bill making "failure to prevent fraud" a criminal offense

As one would expect, this is a hot topic, so...it was a passionate debate!

Both agreed that auditors are not proficient in detecting fraud. What are your thoughts?