One of the major reasons auditors and accountants are concerned about fraud is their fear that lawyers will drive them out of business by alleging they have been negligent in their professional responsibilities. Auditors are often the final arbiters of proper accounting policies. Implicit in the accounting process is the reasonable assurance that all income is properly accounted for and that all expenses are legitimate. Independent examination of financial statements is probably the most frequent service provided by the certified public accountant (CPA). CPAs provide tax and management services, and their role is defined by the American Institute of Certified Public Accountants. The role of auditors is to review the work of accountants for possible fraud. Because of its nature, however, fraud is extremely difficult to detect in many situations, primarily because fraud is usually committed by individuals who are more familiar with the relevant accounting systems than auditors are. In other instances, auditors fail to detect fraud because they do not have the requisite education and background to recognize the characteristics of fraud. Auditors face a special dilemma when it comes to white collar crime. Fraud in material amounts is almost always committed by upper management, the same group that usually hires the auditor. The future of accountancy and white collar crime is discussed. 35 footnotes