Thread regarding Corinthian Colleges Inc. layoffs

Where is the accountability of the CPA firms and Accrediting agencies ?? These entities are paid millions to audit and monitor compliance for educational quality, placement reporting, compliance of student financial aid administration and integrity of financial reporting for ALL for- profit and other colleges. Private CPA firms make MILLIONS on this annual audit requirement and every one of these audits is submitted to the Department of Education for review and action. Are these processes truly independent and/or objective when they are profiting from the continued existence of schools? Is there an incentive for them to ensure that the schools are sustaining eligibility to administer federal student aid? (DUH!) In theory - for - profit colleges are much more highly regulated than a community college or public university. They are REQUIRED to have 70% documented placement rates, they are REQUIRED to be reviewed by an "independent" CPA/Attestation for compliant administration of funds and accurate financial reporting... so how did this go on for so long with the "watchdogs" in place? I have seen MANY times - serious documentation issues existing and are these issues are somehow NEVER identified by watch dogs year in and year out....