One of the key reasons for GAAP and the SEC is to ensure fair presentation and equal access to a publicly traded company's financial information. However, over the last few years, there have been many articles written about high-profile companies that have published misleading and fraudulent information in their audited financial statements.

1. Do you think that misleading and fraudulent information in audited financial statements is a result of the rules not being specific or comprehensive enough?
2. What can be done differently to ensure a fairer presentation of financial statements?