Reading an article on insider trading now made me think of the unfettered access that we as auditors have to financial information before the press release is out. And it's not just us, it's the clients we audit too. Outside of certain companies, most public companies don't exactly have the best control over their financial reporting; so individuals can get access prior to the public release if they wanted. While the audit firms do a great job of stressing independence, can't help but think of the bad apples who are getting away w/ leveraging such information for personal use. Yes, the Firms can audit your stock accounts but you can always give it a friend of yours who invests in stocks. Feel like that environment is way too lax, and I can see it changing once an auditor gets caught in a high-profile case.
Blogged about my life in the Big 4 and now about life in Private Accounting