The Economist on auditing

The Economist has published its perennial jeremiad on the audit profession. The only idea I hadn't heard before was "financial statements insurance" (second to last paragraph). What do we think

http://www.economist.com/news/briefing/21635978-some-13-years-after-enron-auditors-still-cant-stop-managers-cooking-books-time-some?fsrc=scn%2Ftw_ec%2Fthe_dozy_watchdogs