Why do audits fail? Evidence from Lincoln Savings and Loan

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Using Nonfinancial Measures to Assess Fraud Risk (2009, background): “First, the prior literature suggests that fraud goes undetected when auditors fail to understand the environments in which their clients operate (Erickson et al. 2000).”
Valuation of firms that disclose related party transactions (2010, background): “Erickson et al. (2000) also describe in detail how RP transactions enabled Lincoln Savings and Loan to meet important regulatory capital constraints, but later led to its collapse.”