Trust in the integrity of corporate finance and auditing is vital, but repeated scandals over exam cheating at the largest multinational firms are denting faith in the system globally.

KPMG Netherlands became the latest firm to be penalized for alleged cheating by employees and was dealt a record $25 million fine by the U.S. Public Company Accounting Oversight Board (PCAOB) earlier this month.

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...