The profession of auditing has travelled a full circle in the twentieth century. Auditors were initially public watchdogs safeguarding the interests of the investors, however, they later on transformed to be business confidants serving the purpose of management rather than the public. The rise of management consultancy as a lucrative business and the ideal position of auditors to take on the role as consultants have diluted the focus of auditing firms. By the end of the 1990s, auditing firms were racking in more money in consulting business than in auditing. Auditing was relegated to being bait for attracting possible clients. Little wonder then, that the quality of audits suffered severely.