It provides a detailed look at the prevalence and culture of business thieves in categories such as misappropriation and theft of assets and cash, skimming, payroll fraud, financialstatements and reporting schemes, conversion of assets, and corruption and misuse of influence.
It would be easier if auditors, as an industry, agreed it was their responsibility to detect fraud and material misstatements of the financialstatements.
Instead, Grundfest attributes the decline in class actions to what he calls the "less fraud hypothesis"--namely, that corporate executives are filing more honest financialstatements than in the past because the penalties for cooking them have increased.