How much did the auditors know?
I remember a colleague collapsing in fits of laughter. He'd been writing a new posting system for the General Ledger and couldn't for the life of him get it to work reliably with the live data sets. To see what was up, he'd pulled the iffy source for the old version, hence the laughter.
It didn't bother posting the (allegedly matching) debits and credits. It posted the debits, reversed them, posted the results as credits and threw the credits away.
Full audit every year there was too.
As a result, I am firmly of the opinion that if you were perpetrating a massive fraud and hung a neon sign on it saying; "I am a massive fraud", the auditors would still miss it.