I certainly encourage the auditing profession to police itself and to strive continually to improve audit quality. By doing so you avoid suspicions regarding the competence and  BIS Review 91/2001  3  judgment of independent auditors. Also keep foremost in mind that your ultimate client is not management but the shareholder.
You need not only to watch for misleading financial statements but also for companies that apply the technical rules underlying accounting standards in ways that cover losses or otherwise obscure the condition and performance of an institution.