How do senior management, public auditors, and regulators fail to detect timely / prevent accounting fraud?

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Links to information about the Wirecard accounting fraud are provided below and attached. In addition to references provided, please use outside research and cite accordingly. Explore materials and follow-up for current status
How do senior management, public auditors, and regulators fail to detect timely / prevent accounting fraud? Use the Wirecard scandal as a basis to analyze shortcomings in the financial reporting regime.
https://www.wsj.com/articles/wirecard-files-for-insolvency-after-revealing-accounting-hole-11593075223?st=7a7mg8hkjlvduw8&reflink=desktopwebshare_permalink
https://voxeu.org/article/regulating-fintech-europe-lessons-wirecard
https://www.ft.com/wirecard

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