One of the greatest evils ravaging the economies of developing and developed countries in the information age is financial crime with implications for the adequacy of the auditor's report. Therefore, this study is designed to qualitatively explore and interrogate available literatures, towards ascertaining whether the scope and content of audit and auditor's report meet the information needs and/or expectations of financial statement users in the anti-graft age, and to examine whether the conventional audit report can furnish anti-graft agencies with the required information that will enable them fight financial crimes. To achieve the above objectives, the quasi-judicial, credibility, inspired confidence and policeman theory of auditing were explored. Existing literatures revealed an expectation gap (in assurance and content) between auditors and financial statement users. Related literatures also suggest that conventional financial auditing tools and methods, especially audit sampling are not adequate to detect and prevent fraud and errors in the information age, and that the conventional audit report cannot meet the information needs of anti-graft agencies. The conclusion of the study is that conventional auditors, unlike forensic auditors, are mere watchdogs and not blood-hounds, and as a result cannot proactively detect, prevent and investigate fraud. Consequently, it is recommended that forensic auditing should be deployed in corporate settings to peruse and investigate the facts behind the figures in reported corporate earnings as this would boost not only investors' confidence but the credibility of financial reports and that conventional auditors should acquire investigative skills and technology.