String of firms that imploded have something in common: Ernst & Young audited them

Audits from the Big Four are meant to give investors confidence, and yet $30 billion are missing worldwide. "EY missed red flags or failed to aggressively pursue them at some of the companies ahead of their scandals, and for the most part it was outsiders who raised questions first, a review based on publicly available documents and interviews with people close to the events shows. Now, regulators are scrutinizing EY’s work." Patricia Kowsmann, Mark Maurer and Jing Yang investigate in The Wall Street Journal.