The reason for strong auditing and personal attestation is because left to their own devices, some companies will produce bullshit and hoodwink investors. Blame Enron.
> The reason for strong auditing and personal attestation is because left to their own devices, some companies will produce bullshit and hoodwink investors. Blame Enron.
Except Enron's results were audited. By (now defunct) Arthur Anderson:
Technically the auditing already existed, but functionally it didn't because Enron could bully Arthur Andersen into getting the results they wanted, or just ignore results they didn't like.
https://www.britannica.com/topic/Sarbanes-Oxley-Act
Like the building and electrical code, these regulations were written in blood.