Throughout history, various corporate scandals and frauds have taken place, which have had a significant impact on the economy, the market, as well as legislation and politics. The auditing profession, among other tasks, aims to expose fraud attempts and report them to the competent authorities. The audit profession is not primarily in charge of detecting business fraud, but that responsibility should be assumed by the management of the company. The processes carried out by the internal audit can timely detect and reduce the risk of fraud, while the external audit uses its specific tests to analyze the accuracy of posting and recording data in the company's business books. The thesis, using professional and scientific literature, specifies the role of auditing in uncovering business fraud. Also, the work is based on the analysis of corporate frauds of companies Enron, Parmalat and the Agrokor concern. The aim of the thesis is to delineate the responsibility of audit professional practice in detecting business fraud in relation to other stakeholders such as company management. Also, the thesis aims to investigate the similarities and differences between the aforementioned business scandals from Europe and the USA. Finally, the thesis analyzes the impact of the business frauds of Enron, Parmalat and Agrokor on the economy, laws and politics of the countries where the frauds took place. All the frauds analyzed in the thesis had strong consequences on various segments of the business world. Many employees lost their jobs and pensions, investors lost their investments and creditors were not paid their debts. The analyzed scandals could have been prevented in a timely manner if the companies had established high-quality internal control systems, well-conducted external audits and if the owners had been prevented from embezzlement of money.