Today, every company is faced with different incentives within the business that can encourage it to manipulate financial statements. Fraud can be committed by employees, management, accounting, or the owners themselves through intentional misrepresentations within the financial statements, and they will always try to cover it up. Due to the significant consequences that occur from the discovery of such fraudulent reporting, many mechanisms are being developed with the aim of preserving the trust that the company has with creditors, investors, and other external users. One such mechanism is an independent audit which through its implementation can detect irregularities, errors or frauds that occur within the financial statements and remove the irregularities, or by modifying opinions, warn users of potential risks contained in financial statements. However, the biggest problems arise when even the audit itself is not efficient and frauds and omissions in financial statements remain undetected. Such an example is followed by the three companies mentioned in the paper: Enron, Agrokor and Wirecard. Fraudulent actions at all three companies led to significant economic consequences and left their marks as examples of the biggest corporate frauds in the world and in Croatia.