By Caroline Furness, published 17 December 2025
I recently thought back to 2008, when the financial crisis and Bernie Madoff’s Ponzi scheme exposed systemic risks in global finance. Lehman Brothers used Repo 105 transactions to temporarily hide toxic assets, while Madoff defrauded investors of nearly $65 billion. To me, these events were stark reminders of the stakes involved in accounting and auditing.
The significance of this period cannot be overstated. It showed that rigorous accounting, ethical practices, and independent oversight are essential to prevent catastrophe. The profession is not just about reporting numbers - it is about trust, integrity, and protecting the financial system.
These events shaped modern accounting standards and risk management practices. They reinforced the need for vigilance, transparency, and a commitment to ethical conduct in every aspect of financial reporting.
Even today, these lessons influence how those in accounting, audit and tax approach their work. At its heart, accounting is a profession that safeguards society and ensures that businesses operate honestly and transparently.
